StrategicVision and Ambition
Following approval by Government to establish a Worcestershire
Local Enterprise Partnership (LEP) in December 2010, the embryo
organisation has been working with partners to establish its
priorities, and where it can add value to the Worcestershire economy
in the delivery of growth and jobs. Many of the LEP’s stakeholders,
partners and statutory bodies have a matching geography and
therefore we are able to align, co-ordinate and co-operate with
these bodies to exploit the opportunities that are presented to us
as a partnership. This facilitates streamlined decision making and
communication, and the partnership is therefore ‘fleet of foot’,
committed, pro-active and ready to play its role.
The challenge for Worcestershire is that the size of the economy as a
measure of Gross Value Added has been declining since 2004. Private
sector employment reduced between 2000 and 2008 by 1%, and despite
overall employment growing from 2004 to 2007, the performance of the
macro economy since 2008 has meant these gains have been lost. The
Worcestershire economy is a ‘mixed bag’, areas of high technology and high
performance, however with concerns over the supply of employment land,
relatively poor levels of foreign direct investment and the skill gap widening
mean that effective responses need to be developed to adapt and remove
the constraints on the economy.
The LEP has a commitment to engage, communicate, help and support
the business community by being a voice that portrays the business view
of Worcestershire. Whilst gaining increasing confidence and self belief
from businesses, organisations and people to fulfil collectively the County’s
potential, it is also important to position Worcestershire favourably in a
national context with Ministers, Government and international interests.
The LEP is also making the most of its good relationships with business
representative organisations such as the Herefordshire and Worcestershire
Chamber of Commerce, Federation of Small Businesses and Institute of
Directors.
The LEP recognises that despite the attraction of expanding existing major
businesses or attracting new significant investors, it will be SMEs that
provide much of the growth and new job creation. Accordingly, the LEP
will continue to work with the industry representative partners across
Worcestershire to enable and maximise such opportunities for investment
and expansion.
“
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.”
The LEP Vision is being delivered by focusing on four strategic objectives
which shape the core priorities for the next three years at least. The LEP
will marshal resources and delivery in partnership with Worcestershire
interests, as well as through external alliances such as other LEPs, in order
to secure national and international commitments and funding. The LEP will
constantly interact, listen to and talk with local to national stakeholders and
businesses of all sizes, types and sectors to deliver results.
The LEP’s performance, progress and tangible achievements will be
managed constantly to ensure that the LEP is scanning the horizon for
opportunities and using plans and strategies to deliver priorities.
Our ambition and 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
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