The Economic Development update
was presented by Isobel Woods, Head of Economy and Skills
and the following points were addressed.
Headlines
- A reduction in
employment this year, July 2023 to July 2024, from 3.3% to
1.7%.
- Business Growth
Service had continued to engage with several Warwickshire
businesses.
- Levy programme had
achieved a milestone £1.5m of support provided.
- Sector development
with another round of innovate launch pad investment worth
£4.5m.
Economic overview
- Productivity and
service levels across the county had remained static compared to
previous quarters.
Business and
Economy.
- Energy grants
continued to be well received. Warwickshire County Council had
awarded £0.5m to 14 businesses across the county with North
Warwickshire seeing a higher uptake due to its industrial uses but
applications had been received from all boroughs and
districts.
Business Support
- 676 business had been
supported year to date, focusing on skills development and business
growth.
Business Growth
- To date, the
programmes had engaged with 1300 businesses of which 267 had
received targeted support. This equates to 93% of the annual
target. 212 businesses had reported improvements to productivity,
which was 259% achievement of target.
- Officers had been at
events around the county and engaging with business to promote and
support the new innovate UK Launchpad.
Employment and
Skills.
- The Warwickshire
Careers Employment Skills Strategy had commenced, identified as a
key theme of the Warwickshire Economic Growth Strategy. This would
also assist the Council prepare for the Devolution Deal with the
Adult Education Budget.
Skills Hub
- Provided in depth
supported for 726 business and minimal support for an additional
100. This increase was due to new programmes that were recently
launched as part of the year three UKSPF (UK Shared Prosperity
Fund).
Multiplier Programme
- Supported 2000 people
in numeracy skills throughout the county. This programme would be
ending in March 2025. Local authorities
would have the opportunity to continue to support with a decision
regarding the UKSPF requiring further consideration.
UK Shared Prosperity
Fund
- Allocation for skills
funding was permitted to be spent in year three and a number of new programmes supporting young people
had been launched.
Sector and Inward
Investments
- Second round of the
Coventry and Warwickshire Launchpad, funded by Innovate UK with a
value of £3.45m. The schemed opened in early November 2024
and would run till 11 December 2024. Due to the short window,
officers had been actively promoting the scheme.
- Defence vehicle
maker, NMS Ltd have taken over the 100,000sqft, former Parker
Hannfin site at Tachbrook Park, Leamington Spa.
Isobel Woods concluded the
update and invited questions from members.
In response to Councillor
Gilbert, Councillor Watson (Portfolio Holder for Economy) agreed
with the statement about the needs of small businesses and
supporting them in the future and encouraged members to sign post
small businesses to the team if they are in need. Isobel Woods
reminded members of the Economic Growth Strategy which included
plans that could support small businesses and Small and Medium
Enterprises (SME’s) in a range of areas.
Councillor Pemberton commended
David Ayton-Hill, Isobel Woods, and the team on the work that they
do in supporting business, especially in the Bidford area where business had valued the support
and outreach.
Members raised concerns about
challenges faced by businesses, noting that local authorities
appear unsupportive by implementing barriers such as road closures
and parking restrictions, often without prior notice, resulting in
loss of income. Additionally, it was observed that the County
Council was not informed of emergency works and there were some
questions on the legitimacy of these works being classified as
emergencies.
The Chair added that utilities
do not need to inform the council of any emergency works that need
to take place however for any planned works signage should be
visible and if it is not to contact the localities officers for
information and to have this rectified.
The Economic Development Update
was noted by members.