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Norfolk and Suffolk Economic Strategy

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Norfolk and Suffolk Economic Strategy Economic strategy For growth & opportunity November 2017 Unlimited connection Contents talent 3 Foreword 8 Norfolk and Suffolk 2017 attraction 12 Our Sectors 16 Our Ambitions 18 Priority Themes and Places 30 Making it Happen space 2 Our Place Our potential by 2036… A higher proportion 88,000 £39 net new jobs GVA per hour of people engaged in the labour market than across the UK 140,000 30,000 new homes new businesses £17.5 billion in real terms of growth £200 66% per week median of the population with in our economy wage increase NVQ 3+ qualification Foreword 3 94 Our place 91 67 75 573.3MW 97.2MW 402MW 88 Map key 316.8MW • Sheringham • • Hunstanton Wells-next- Cromer the-Sea •• A140 Bacton Gas Clean Energy Cluster To Lincolnshire, A148 TBC & the North Terminal 1800MW • North Walsham 1800MW Fakenham 120 Finance & Insurance Cluster A17 A149 Norwich Kings International Airport Wo rldwi de de Digital Cluster Lynn A47 stin A47 atio 120 Marham Norwich ns A47 Great an 1800MW Yarmouth d m ar Life Science, Advanced Peterborough ke ts Downham 4 Food Tech & Biotech Cluster 5 A11 m Market Lowestoft 172 in A10 u te Norwich to London 1200MW s a Food Enterprise Zone To the 90 minutes w Midlands Lakenheath Diss a Thetford Southwold y Ely Eye Airfield • Mildenhall University A12 Europe’s All A11 A140 Energy Coast A14 Enterprise Zone 102 A14 • Bury St Edmunds Sizewell 800MW Oil & Gas Rig Cambridge • Newmarket • Stowmarket TBC Ijmuiden TBC 714MW A1307 Haverhill Aldeburgh Wind Farm 800MW The Sudbury Woodbridge Hook Ipswich Amsterdam M11 Hadleigh Gas Terminal A14 A1 Felixstowe Rotterdam Nuclear Power Station 504MW 336MW 196 Harwich UK’s biggest container Netherlands Airport Stansted port, handling 40% A12 of all trade Shipping Port 48 Zeebrugge The National Stud M25 Ipswich to London 172.8MW Antwerpen 60 minutes Brugge 175 630MW RAF Base London Calais M25 Belgium Rail France Lille 4 Our Place Our economy contributes £35bn to UK plc and investment here delivers growth. Since 2010 our economy has grown by 9%, faster than many “powerhouse” areas. Ours is a diverse economy, but with globally competitive clusters that drive our success. We are well connected to London, Cambridge and wider international markets, with higher than average levels of economic activity. We Foreword are ambitious for future growth and we will work with Government and private investors to deliver it. We have an excellent understanding of our economy and Plan. This has delivered more jobs, new businesses unlock 500 new homes (including 30% affordable), 68 the opportunities ahead. New technologies, techniques and housing. The numbers tell the story. Since 2014, hectares of strategic employment land, a school and and collaborations across sectors will further drive growth, 43,600 more jobs and 5,710 new businesses have been leisure centre. raising productivity and moving firms into new products created and 18,850 new homes built. Over £350m of and markets. Our strategy is to generate growth across government funding has been secured and will be Our Community Challenge fund has provided grants all sectors, focusing on creating high value, highly skilled invested in the region by 2021 in a wide range of projects to grassroots voluntary and community groups, jobs and industries, whilst also providing the technical to improve skills, drive innovation, support growing supporting people from disadvantaged backgrounds skills, access to innovative techniques and support that all businesses and improve transport and other infrastructure. and facing barriers to economic participation. businesses and the wider workforce needs to succeed. Over £260m of private sector funding has also been unlocked, outstripping our original commitment of £199m Sixteen sites across the two counties have secured Norfolk and Suffolk has a number of centres of economic by 2021. Enterprise Zone status, providing benefit from business activity, with fast growing urban areas, historic market rate discounts, simplified planning and access to superfast towns and a large rural economy. Our natural landscape Collaboration and hard work from all partners has been at broadband. Our award-winning Growth Hub has worked and our rich cultural heritage give Norfolk and Suffolk the heart of this success. Together we have invested and with over 6,300 businesses giving 29,300 hours of its distinctive character. We are forward looking and delivered transformative projects and initiatives. MyGo face-to-face support. We have achieved much, but there our economy is well positioned to capitalise on the in Ipswich is the first dedicated youth employment centre is more to do. Our Economic Strategy reflects the evolving opportunities created by further advances in technology in the country and we have one of the most established needs and opportunities of our growing local economy and digital connectivity. Enterprise Advisor Networks of any region, connecting and how it can respond and succeed in a fast changing local business leaders with local schools and colleges world. The Government’s emerging Industrial Strategy We are determined that growth will be inclusive, helping to motivate and inspire young people. also provides an opportunity to further boost our sectors benefiting all our people. We are looking ahead to the and drive growth. Government’s industrial strategy, working together as We have the world’s first International Aviation Academy business leaders, local authorities, the voluntary and in Norwich and expanded the network of specialist community sector, universities and colleges to drive innovation and enterprise centres - Norwich University future success in a place where businesses and residents of the Arts Ideas Factory, University of Suffolk’s Ipswich can thrive and succeed. We are exploring new models of Waterfront Innovation Centre, University of East Anglia funding and financing the infrastructure we need, because Enterprise Centre and King’s Lynn Innovation Centre. Doug Field the evidence shows we can deliver returns and growth. Other investments include the flood alleviation scheme in Lowestoft, the regeneration of the Cornhill - bringing a Chairman of We are confident in our ambitions because they are built new heart to the retail centre of Ipswich and19 transport New Anglia Local on the success of our original 2014 Strategic Economic projects including a relief road for Bury St Edmunds to Enterprise Partnership Foreword 5 Macro-economic changes such as technological advances and automation will change how we maximise these We have an excellent understanding opportunities and act on these opportunities in the years of how our economy is working, ahead. The country’s exit from the EU will also alter how it is changing and what our Norfolk and Suffolk’s interaction with partners in Europe sectors need. We know that: and further afield. Opportunities arising from changes to migration, trade and funding should be harnessed to drive the area’s economy, whilst recognising that the current We make a very significant contribution uncertainty will impact on business and investor sentiment. to UK plc. We have excellent business opportunities, high quality and affordable places We have major growth locations in Norfolk and Suffolk, to live, a good availability of commercial land with a robust evidence base and detailed understanding of and a fantastic leisure and cultural environment, what is needed to continue to drive and unlock their further all close to London and Cambridge. We need to Above: Stokes Sauces, Rendlesham, East Suffolk success. The locations are our priority places and include: make sure that this offer is well understood and recognised by Government to make the case Ipswich and the surrounding area. for the public and private investment needed to Norfolk and Suffolk is an attractive place Norwich and the Greater Norwich area. drive future growth. to live and work. People of all ages, including The Norfolk and Suffolk Energy Coast, including young people, families and skilled professionals Bacton, Great Yarmouth, Lowestoft and Sizewell, We have strengths in clean energy, move to the area every year. Building on this with assets on and offshore. digital, life science and high value food success, we need to encourage even more young The Cambridge-Norwich corridor growth – production. These sectors all have high people and families to stay or locate in Norfolk connecting two global centres of research. value growth opportunities. They are often and Suffolk, showing them the opportunities and The critical east west growth corridors along the concentrated near communities which do not careers that exist in our economy for people of A47 from Lowestoft and Great Yarmouth to King’s have all the skills needed to fully benefit. Linking all ages. Lynn and the A14 from Felixstowe through Ipswich, investment in skills more closely with the Stowmarket, Bury St Edmunds, Newmarket and communities and businesses nearby will provide Recent investment has and will Haverhill to Cambridge. more opportunities for residents. continue to improve our road, rail and King’s Lynn - and the A10 and rail corridor digital networks. This is particularly important to Cambridge. Improving technical skills and adopting given the area’s large travel to work areas and new techniques will further drive productivity with rail commuting increasing. But we can go Boosting our infrastructure is central to delivering all and growth. Many businesses across different further and faster. Many of the area’s businesses our ambitions. Our priority places are interconnected, sectors have increasingly similar technical rely on mobile and broadband connectivity and dependent on transport links and draw on many of needs. Developing links between business increasingly more will do so as patterns of the same labour markets and supply chains. We will and our world class universities will help drive home and remote working and networked prioritise improvements to our digital and transport further innovation. businesses grow. infrastructure and utility provision, using our own funding and making the case to Government where national investment is needed.
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