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Executive Summary
1.
The Worcestershire LEP’s vision is to create the right economic
environment to inspire businesses, encourage investment and to
create lasting and sustainable employment in Worcestershire by 2017
and beyond.
2.
The key measures of success will be to:
•
increase employment in Worcestershire by 5% by 2015
•
account for £750m worth of private sector investment in Worcestershire
businesses by 2017
•
grow the Worcestershire economy by the measure of Gross Value Added
which in 2009 was £8,457m
3.
The role of the Worcestershire LEP is to:
•
provide strategic leadership and develop a long term vision related to
Worcestershire’s economy, providing strategic insight on the challenges
and opportunities facing the county
•
portray the ‘big picture’ assets, attractions and opportunities in
Worcestershire to the ‘world’
•
champion Worcestershire’s economic vision and promote bold solutions
•
secure finance, attract investors and encourage local-to-national bodies
to match resources to achieve Worcestershire’s ambitions
•
lead and co-ordinate Worcestershire interests from business, public and
third sector networks and organisations to drive forward economic growth
•
share knowledge, practice and intelligence in Worcestershire as well as
across the national LEP Network to help decision-making
•
represent the business voice of Worcestershire, locally, nationally and
internationally
•
hold others to account in partnership working to achieve agreed objectives
4.
Strategic Performance Framework
The LEP has identified four Strategic Objectives, each of which will be
driven by a sub-group, chaired by a Business Board member and which
will report directly to the LEP Board.
•
Strategic Objective 1: National Profile and Promotion
Showcase Worcestershire, Promote Worcestershire and Position Worcestershire
•
Strategic Objective 2: Access to Finance
Harnessing the expertise and knowledge of the professional sector, and
Providing one delivery model of various finance options to local businesses
•
Strategic Objective 3: Employment and Skills
Skills and Workforce Planning, strengthening the relationship between
education and business while increasing employability
•
Strategic Objective 4: Planning, Development and Infrastructure
Working with the Place Shaping Group, the LEP will focus on a limited
number of key strategic employment locations across the County while
establishing a business-friendly planning system. The LEP will also seek
to ensure the delivery of key transport infrastructure projects such as
motorway interchange upgrades, new railway stations and superfast
broadband
5.
Supporting Worcestershire’s Key Sectors
In order to drive forward economic growth and enhance Worcestershire’s
competitive edge, the LEP will primarily focus on supporting the
following sectors:
•
Manufacturing
•
Cyber Security and Defence
•
Tourism
•
Horticulture and Food Production
•
Environmental Technology
These are not exclusive sectors as we will work with the market to
develop new and emerging opportunities that add to Worcestershire’s
economy, particularly through small - medium sized enterprises.
6.
Funding and Resources
•
It is the LEP’s objective to reach a situation whereby its operational costs
are shared in approximately equal proportions by Central Government,
the local authority family of Worcestershire and by the business community
•
The budget for 2012/3 shows income and expenditure of approximately
£566k which will support the continuity of a small secretariat and the
essential running costs including those for communications and events
This business plan will be regularly monitored and refined by the
LEP Board.
