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Strategic Economic Plan

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Strategic Economic Plan 1 CONTENTS EXECUTIVE SUMMARY ................................................................................ 6 1.0 THE STRUCTURE OF THE BTVLEP STRATEGIC ECONOMIC PLAN ....... 6 1.1 Introduction ............................................................................................................................................. 6 1.2 Our Strategic Proposition to Government.............................................................................................. 6 1.3 Our Process for building this Plan ........................................................................................................... 6 1.4 Our Strategic Economic Priorities ........................................................................................................... 6 1.5 Our Local Growth Deal Ask ..................................................................................................................... 7 1.5 Our Implementation Plan ....................................................................................................................... 8 1.6 Our Delivery Plan ..................................................................................................................................... 8 SECTION B: OUR STRATEGIC PROPOSITION TO GOVERNMENT ..................... 9 2.0 WHY INVEST IN THE BTVLEP AREA? ................................................... 9 2.1 Investing in the BTVLEP area will deliver significant returns to the UK Exchequer .............................. 9 2.2 Investing in the key factors of production will unlock significant pent up growth ............................ 11 2.3 When we have control of the drivers of economic growth, we deliver .............................................. 14 2.4 We need more control over the key enablers of growth..................................................................... 18 SECTION C: OUR PROCESS FOR BUILDING THIS PLAN .................................. 20 3.0 OUR METHODOLOGY........................................................................ 20 3.1 A robust analytical framework and intervention logic ........................................................................ 20 3.2 A process of ‘open innovation’ ............................................................................................................. 20 3.3 A process of ‘check and challenge’ ....................................................................................................... 21 3.4 An illustration of the design process .................................................................................................... 21 3.5 Cross LEP collaboration ......................................................................................................................... 21 SECTION D: A SUMMARY OF OUR EVIDENCE BASE ...................................... 22 4.0 THE BUCKINGHAMSHIRE THAMES VALLEY LEP ECONOMY .............. 22 4.1 Introduction ........................................................................................................................................... 22 4.2 Strengths of the BTVLEP area – part of the Engine Room of the UK Economy ................................... 22 4.3 Weaknesses of the BTVLEP area – factors undermining our growth potential .................................. 24 4.4 Social and Environmental Risks impacting on the BTVLEP Economy .................................................. 25 SECTION D: OUR 2012 – 2031 STRATEGIC ECONOMIC PRIORITIES ............... 26 5.0 KEY NATIONAL PRIORITIES ............................................................... 26 5.1 Introduction ........................................................................................................................................... 26 5.2 Local Growth .......................................................................................................................................... 26 5.3 European Structural Investment Funds ................................................................................................ 26 2 5.4 Plan for Growth ..................................................................................................................................... 27 5.5 Industrial Strategy & The Witty Review ............................................................................................... 27 5.6 Smart Specialisation and Key Enabling Technologies .......................................................................... 27 5.7 Sustainable Growth ............................................................................................................................... 27 5.8 Inclusive Growth .................................................................................................................................... 28 6.0 OUR 2012-2031 GROWTH PRIORITIES .............................................. 28 6.1 BTVLEP’s Ambitious Vision and Mission ............................................................................................... 28 6.2 BTVLEP’s Objectives .............................................................................................................................. 29 SECTION E: OUR 2015 – 2021 LOCAL GROWTH DEAL ASK ............................ 32 7.0 AREA OPPORTUNITIES FOR, AND BARRIERS TO, GROWTH ............. 32 7.1 Introduction ........................................................................................................................................... 32 7.2 Objective 1: Stimulating Sustainable Business Growth ....................................................................... 32 7.3 Objective 2: Business-critical Infrastructure ........................................................................................ 34 7.4 Objective 3: Skilled Flexible Workforce ................................................................................................ 61 SECTION F: OUR 2015 – 2021 LOCAL GROWTH FUND/NEGOTIATED ASKS ... 64 8.0 OUR LOCAL GROWTH DEAL PROPOSALS .......................................... 64 8.1 A Summary of our 2015 – 2016 Local Growth Fund Ask ...................................................................... 64 8.2 A Summary of our 2015-16 Negotiated Asks ....................................................................................... 64 8.3 Summary of our Local Growth Fund Finances (15/16) ........................................................................ 65 8.4 Project 1: Connecting 400 Ha of expansion land through the Aylesbury East Expansion, including the Eastern Link Road & Stocklake Link ................................................................................................ 66 8.5 Project 2: Regenerating High Wycombe through the Town Centre Masterplan and the Southern Quadrant Transport Strategy ................................................................................................................ 69 8.6 Project 3: Improving North South Connectivity and connecting residual MOD land by developing the A355 Imrovement Scheme ............................................................................................................. 71 8.7 Project 4: Delivering modal shift by improving sustainable transport links to East West Rail & Winslow Station .................................................................................................................................... 73 8.8 Project 5: Delivering modal shift by improving sustainable transport links to CrossRail Stations in Taplow (linking Slough & Maidenhead) & Iver .................................................................................... 76 8.9 Project 6: Transforming Amersham and Wycombe College’s estate to support curriculum growth 80 8.10 Project 7: Investing in the Waterside Centre, an iconic new education facility in Aylesbury Town Centre..................................................................................................................................................... 83 8.11 Project 8: Stimulating SME Growth though Capital Investment ......................................................... 85 8.12 Project 9: Stimulating Growth in Buckinghamshire’s Electronics and Telecommunications sector through early accesss to 5G (Cross LEP Project) ................................................................................... 92 8.13 Project 10: Stimulating new Film, VfX and Games businesses through the creation of a High-End Business Hatchery ................................................................................................................................. 94 3 8.14 Project 11: Creation of a Bucks Business Driven housing investment fund ....................................... 98 8.15 Project 12: Regenerating Aylesbury Town Centre through the Waterside North Development ..... 102 8.16 Project 13: Management & Administration of BTVLEP ...................................................................... 106 8.17 Integrated Transport Block Funding ................................................................................................... 107 9.0 OUR DETAILED ‘NEGOTIATED ASKS’ ............................................... 107 9.1 Project 14: Investing in our Local Growth Hub ................................................................................... 107 9.2 Project 15: Stimulating the High Performance Technology Sector through Innovation Support at Silverstone (Cross LEP Project with sole BTVLEP delivery) ................................................................ 115 9.3
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