Monday, June 24, 2024

New plan created to boost Nottingham’s economy

A new plan has been created to help boost Nottingham’s local economy over the next ten years.

Nottingham City Council have worked with partners across the city to create a draft Economic Plan for all private, public and third sector partners, residents, and stakeholders.

The ambitions of the plan include the creation of 20,000 new jobs, £4bn in regeneration investment, generating £1bn of additional Gross Value Added (GVA) and developing infrastructure and services for the people of Nottingham.

The vision is to deliver a “vibrant, sustainable, and investment friendly Nottingham that promotes inclusion, secures resilience and unlocks prosperity for [its] residents and businesses.”

The Nottingham Growth Board, which is a partnership of some of Nottingham’s key businesses, educational institutions, and public sector organisations, will have a role in overseeing the plan.

People can now have their say on the proposed plan in a public consultation, which runs until Friday 1 March 2024.

The idea behind the Economic Plan is to have:

  • A shared vision for improving the economy of Nottingham
  • A plan to help the city grow in a fair and sustainable way that benefits all citizens of Nottingham
  • A framework of activity to help focus ambition and investment in the city
  • A plan for all partners in the city to work towards to create sustainable economic growth

Nottingham is a dynamic city with a young and diverse population, leading creative and digital and life science businesses, and a vibrant visitor economy underpinned by key cultural, heritage and sporting assets. It has significant plans and opportunities for growth of its city centre and neighbourhoods.

However, there are areas of challenge, including the city having above average unemployment, low levels of graduate retention and lower than average educational attainment, which are all factors that limit the success of the local economy.

To tackle these challenges, the city needs to look at ways to support people to gain skills and remain in meaningful employment, as well as seeking to improve graduate retention, securing future regeneration opportunities, building on greener transport, utilising start-up companies and building on sector strengths.

The vision will be delivered by four key ambitions across four themes:

People and Skills: To facilitate additional employment of 20,000 new jobs by 2030.

The vision is for lifelong learning with an educational offer that aims to improve employment levels and gives residents the skills they need to have successful careers.

Enterprise and Investment: To generate £1bn of additional Gross Value added by 2030 in the city.

The vision is about sustainable growth in the city, where existing industries are nurtured and new industries are empowered to expand and contribute towards a diverse, growing and prosperous economy.

Infrastructure & Regeneration: Develop infrastructure and services to serve a city population of 345,000 and a population across Greater Nottingham of 710,000 by 2030.

The vision is to promote areas that are dynamic, green and inclusive, with sufficient quality living space, and excellent physical, transport and digital connectivity.

Liveability and Experience: To secure the next £4bn of regenerative investment in the city

The vision is for a contemporary, clean and globally competitive city centre with bustling and attractive neighbourhoods that draw residents and visitors to a rich leisure, sporting and heritage experience in Nottingham.

Cllr Steve Battlemuch, Portfolio Holder for Skills, Growth, Economic Development and Property, said: “Nottingham has many success stories, including being home to many global businesses. But we know there is more we can all do to improve the prosperity of the city, raising the hope and aspirations of local people, whilst making Nottingham the best place to live and work.

“The new 10-year strategy has been created based on significant research, data analysis, stakeholder engagement and input from the Nottingham Growth Board. It aims to tackle the issues impacting our economy now and in the longer term.

“I would encourage everyone to have their say on these plans. Engagement is vital to help us plan for Nottingham’s future economy. We want your input so we can create and refine this strategy so it delivers for Nottingham’s economy, and for our residents and businesses that live here now or who will live here in the future.”

Nick Ebbs, Chair of the Nottingham Growth Board, said: “Nottingham is a great city. Two world leading universities, enviable cultural assets and high growth businesses in life sciences, digital and creative industries. But there is also another story. A story of deprivation, low productivity, economic inactivity and limited opportunity.

“As a city, we need to pull together to build on what is going well and to sort out what is failing.

“The city’s newly emerging Economic Plan, which is still in draft form, sets out a roadmap to a more economically successful, sustainable and inclusive future. It can’t fix everything, but it can make a significant contribution.

“It is important that the draft Plan is fully informed by local knowledge and insights. I urge everybody to contribute to the consultation invitation. The consultation period is short driven by political necessity so don’t delay.”

The public consultation will run from Friday 9 February to Friday 1 March 2024. You can have your say on the Economic Plan in the online survey here.

There are two engagement events open for everyone: Tuesday 20th February, 8am to 9am, in-person in the Ground Floor Committee Room at Loxley House; Thursday 22nd February, 6.30pm to 7.30pm online on Teams Webinar.

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