The very first step towards unlocking our economic growth potential is to create a strategic economic vision for our entire area, covering the richness of diversity and opportunities we have on our doorstep.
The LEP’s Strategic Economic Plan set out our economic priorities for the local area, and forms the basis for our Growth Deal’s to Government. We have secured over £110 million via our Growth Deals to support vital projects, from funding for the Ely Southern Bypass through to investment into a new Highways Academy at the West Anglia Training Association (WATA).
Updating the Strategic Economic Plan for the LEP area is the primary focus for Strategy & Planning Director, Adrian Cannard. By having a clear vision and shared sense of purpose with our partners to unlock the potential economic growth within our area, we can target our efforts at projects that will deliver maximum returns.
We have utilised evidence already gathered by previous studies and research, and coupled it with the feedback we have received to date from local businesses to create our economic strategy and investment plan. Throughout the process we have worked with partners and experts to focus on:
- Identifying our key economic priorities and actions that will unlock our growth potential
- Pinpointing opportunities for economic growth
- Ascertaining the barriers to economic growth and ways of tackling them
- Identifying the priority actions, projects and investments that will unlock growth
- Campaign on major issues, actions and investments that will unlock our growth potential
Alongside the delivery of an economic vision and strategy for the LEP area, we are focused on enabling the creation of employment opportunities by:
- Attracting investment and employment to the LEP area – particularly within the Enterprise Zone at Alconbury and the Cambridge Compass
- Improving the market profile of our area to attract investment and enterprise
- Investing our Growing Places Funding (now known as Signpost 2 Loans) into infrastructure projects that create employment
Our targets are to create 500 new jobs at Alconbury Enterprise Zone by 2013, to double inward investment enquiries in 2013/14 compared to 2011/12 levels and lever in an additional £26 million of additional investment from the £15.5 million of Growing Places Fund loans and grants, and to identify and obtain £20 million in new investment that we can commit to priorities within the action plan by 2015.
You can find out more about our Strategic Economic Plan here.