PRESS RELEASE Cumbria means business with new Strategic Economic Plan Embargoed until 00:01 on 1 April 2014 Cumbria has launched its Four Pronged Attack on how the county s economy can deliver jobs, business growth, improved skills, new infrastructure, housing and a range of other economic benefits over the next 10 years. The Strategic Economic Plan (SEP) has been produced by the Cumbria Local Enterprise Partnership (LEP) and is the county s big ask to Government to attract growth funding from 2014-2024 for specific projects which will deliver the maximum returns to UK plc. The SEP specifies how 24 million pounds of Government Local Growth Funding from 2015/16 would be spent to boost the local economy. The 24m is Cumbria s bid from an overall national fund of 1bn; it will be considered alongside submissions from 38 other LEPs across England by the Department for Business, Innovation and Skills. As well as the shorter-term projects identified for 2015/16, the SEP also maps out medium to longer term projects over the next 10 years to set into context Cumbria s strategic direction for economic growth. The plan develops a hard-hitting four by four approach to help deliver the maximum benefit for Cumbria, unleashing growth in both rural and urban areas. For priority areas of growth have been identified in the plan: 1. Advanced manufacturing growth 2. Nuclear and energy excellence 3. Vibrant rural and visitor economy 4. Strategic connectivity of the M6 corridor And these will be supported by four economic drivers 1. Business support 2. Skills development - 1-
3. Infrastructure improvements 4. Environmental sustainability Commenting on the plan George Beveridge, Chair of the Local Enterprise Partnership said This plan merges Cumbria's varied business sectors, from our rural food and tourism sectors, to advanced manufacturing and nuclear and energy. With 12 billion worth of major scheme investment in the pipeline for Cumbria, our economy is at a watershed moment. Exciting times full of potential lay ahead. But we need to ensure we deliver the infrastructure, the skills base and the right support to secure and nurture all this investment. Our strategic economic plan picks the areas with the greatest potential, the seeds that we think will shoot up quicker and higher than any others. It is Cumbria s case for growth and I am delighted that so many leading voices in the county are behind it. If funding is secured, the SEP will deliver the following benefits over the 10 year programme: Countywide 15,000 additional jobs 600m extra into the Cumbria economy by 2024 Support the local planning authorities to deliver 30,000 new homes through their Local Plans Increase the county s GVA growth by 0.6 percentage points above current forecasts, yielding a GVA growth rate of 2.2% during the plan period Raise skill levels through working with local education and training providers, reducing the proportion of Cumbria s firms facing a skills gap by 3% Increase visitor expenditure by over 500m per annum Increase the number of businesses reporting growth by 5% through the Cumbria Growth Hub support Achieve 100% coverage of superfast broadband All areas of the county will enjoy the benefits of overarching projects such as the skills drive, the Cumbria Business Growth Hub, the infrastructure improvements and the environmentally sustainable approach to growth. But the Four Pronged Attack also delivers some specific benefits for specific areas. These include: Allerdale and Copeland - 2-
Deliver over 3000 jobs in west Cumbria and grow its GVA Develop west Cumbria as a centre of nuclear excellence through the Energy Coast Campus, supply chain development and a Nuclear Technology Innovation Gateway a new world-class research and development and education facility complemented by the development of a nuclear catapult, a Government-backed initiative to accelerate the commercialisation of new ideas. Investment in Low Carbon and renewable energy technologies and supply chains. Infrastructure improvements, including: Barrow Improvements to the coastal railway and sustainable transport, including station hub enhancements. This includes current commitments from the Local Transport Body to invest in Maryport and Workington Transport Hubs. Investment in priority employment sites to secure business expansion opportunities and to attract private sector investment. Developments at the Port of Workington, including improving access, to unlock development land as well as grow the port s ability to act as a multimodal transport hub. Investment in virtual connectivity technologies (superfast broadband etc) to support growth in high-technology businesses and academic research. Improvements to the social infrastructure (education and health) to strengthen West Cumbria s growth potential Develop Barrow Waterfront by securing BAE as an anchor tenant, developing 5ha of vacant employment land. Use Cumbria Infrastructure Fund and Local Growth Funding to undertake site remediation and servicing for the next phase of development. The additional area being released at the Waterfront is some 10 hectares and can accommodate over 1,200 jobs. Incentives and marketing will be targeted at supply chain businesses to boost private sector investment in Barrow. Develop an Advanced Technology Training Centre at Furness College to assist in skills development, to include a graduate recruitment and - 3-
Carlisle apprenticeship programme focused on engineering skills development to help large employers and SMEs attract and retain staff Support housing delivery by investing in improvements to Carlisle s infrastructure including junction improvements to enable delivery of 6,300 new homes. Increase the presence of the University of Cumbria in Carlisle city centre. Improving facilities in and around, Carlisle Station as the principal point of arrival in the heart of Carlisle. Eden Local pinch point funded access improvements at Gilwilly Industrial Estate, unlocking land capable of accommodating 730 jobs. Penrith infrastructure and junction improvements to enable delivery of up to 2,392 new homes. Investment in a wide range of rural growth initiatives, from tourism to agriculture and forestry, as well as targeted support for rural SMEs. Improved superfast broadband access in the most remote, hardest to reach areas. South Lakeland Improve infrastructure in Ulverston to maximise the benefits from investment by GSK - Key activities: Securing private sector investment from manufacturing companies by using Regional Growth Funding. Addressing pinch points on the A590 by working with the Highways Agency. Investing Local Growth Fund to unlock 6.4ha of employment land for SMEs and supply chain businesses to accommodate over 700 jobs. Flood mitigation to enable development of housing and employment sites. Invest in a Kendal town centre package of infrastructure and junction improvements to enable delivery of 2,185 new homes - 4-
Notes to editors: A copy of the Strategic Economic Plan is attached. Further technical supporting documents and delivery plan information will be available from the Cumbria LEP website www.cumbrialep.co.uk. For more information contact Gillian Bishop, LEP Manager, gillian.bishop@cumbrialep.co.uk, 07973 860362. For media enquiries contact Gareth Cosslett, Strategic Communications Adviser, Cumbria County Council on 01228 226337 / 07973 811206. Cumbria LEP provides a strategic lead for all activities contributing to the growth and vibrancy of the county s economy and where appropriate takes positive action, using the skills, capability and networks of LEP partners The LEP is keen to work with all partners and stakeholders (private and public) to undertake actions, secure funding and implement initiatives to support sustainability and growth of Cumbria s economy. - 5-