Ipswich Economic Development Strategy 2012
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ipswich economic development strategy 2012 - 2026 DRAFT CONSULTATION www.ipswich.gov.uk "Ipswich Borough Council is committed to supporting businesses and helping to create and sustain jobs in Ipswich. This draft Economic Development Strategy outlines our vision for the future and our determination to build a better and more prosperous town despite the challenging economic circumstances. The Council works with many partners so we can turn this vision into reality and we want your views to enable us to do just that. Please read the draft strategy and send us your views. Together we can make Ipswich a better and stronger regional centre." Councillor Carole Jones Economic Development portfolio-holder Ipswich Borough Council Ipswich Economic Development Strategy 2012 - 2026 - DRAFT CONTENTS SECTION 1 SECTION 6 APPENDICES Introduction and Executive Summary Economic Profile & Key Sectors Appendix 1 • Overview Ipswich Policy Area SECTION 2 Preface Stable Sectors Appendix 2 • Public Sector List of Key Partners SECTION 3 • Financial Services Vision • Ports & Logistics Appendix 3 • Aims Indicative Delivery Plan 2012 - 2026 • New Initiatives Potential Growth Sectors • Tourism & Hospitality Appendix 4 SECTION 4 • Culture Summary and Contact Details for Background & Strategic Context • Energy ‘Transport Fit for the 21st Century’ • Outlook • Skills & Education • Investor Confidence in Ipswich • ICT & Creative Appendix 5 Strategic development sites/schemes SECTION 5 SECTION 7 within Ipswich Future Developments Potential Funding Streams • Ipswich - East Anglia’s Waterfront Town • Growing Places Fund Appendix 6 • Commercial • Regional Growth Fund Strategic development sites/schemes • Employment Land • Portas Pilots within Ipswich Policy Area • Private Housing • High Street Innovation Fund • Council House Building Appendix 7 • Infrastructure SECTION 8 Executive Summary from Town Centre Implementation Plan Master Plan 2011 - 2016 • Implementation Overview • Council-led Activity SECTION 9 Economic Strategy Consultation Questionnaire 3 Ipswich Economic Development Strategy 2012 - 2026 - DRAFT 1 INTRODUCTION AND EXECUTIVE SUMMARY Since the financial crash in 2007, Ipswich’s The strategy focuses three core aims drawn expansion will be a crucial factor in raising rejuvenate empty town centre premises and economy has coped comparatively well in from the Council’s Corporate Strategy 2012: the profile of the town, attracting encourage new business starts - e.g. by challenging economic conditions. While • Support for entrepreneurs to start new additional inward investment and launching an improved and expanded future economic growth will be subject to business generating additional discretionary spend test-trading scheme in the town centre. the influences of several external factors • Support for existing business to develop, in the local economy. • Develop a co-ordinated marketing plan beyond the control of the Council or its grow and generate additional employment • Establish strong partnerships across the with key partners to showcase the positive partners, there is clear scope for decisive opportunities in the Borough Ipswich economy and beyond in order to attributes of Ipswich in order to attract and effective action to support the Ipswich • Creating the right conditions that will secure all available public and private investors, both nationally and economy. attract new investment into the town funding that will contribute to achieving internationally. The following list summarises a range of the town’s housing and business • Assist with the launch of a new “All About The accompanying strategy sets out clear actions that are spelt out in greater detail in development targets. Ipswich” website to generate additional ambitions for Ipswich’s economy over the various sections of the main strategy • Oversee targeted initiatives to try to tourism expenditure in the town. next 14 years. It complements the Local document. It is envisaged they will form a Development Framework, the Core strong foundation to support Ipswich’s Flourishing Waterfront Strategy, the Town Centre Masterplan, and future prosperity: other relevant policy documents. • Through engagement with an informal panel of partners, the Council will identify The Council envisages that the steps the best value options for allocation of a outlined in the accompanying strategy will £1.5m Jobs & Skills Investment Fund. provide the right conditions to allow the • Focus on tackling the issues associated Ipswich Policy Area to create 18,000 with rising levels of youth unemployment, additional jobs by 2025, and for the working with partners to maximise access construction of 10,500 new homes by 2027. to work experience and apprenticeship opportunities. The Council will continue to work with • Instigate a ‘Kick Start’ Development partners to develop bids and tenders to Programme on Council owned land, attract both public and private funding to including the first Council-home support the local economy. Activity will construction project in Ipswich for more include addressing significant than two decades. infrastructure improvements, and • Encourage and support the continued facilitating the enhancement of skills development of University Campus throughout the Ipswich economy. Suffolk (UCS) and it’s main campus site on Ipswich Waterfront. The university’s 4 Ipswich Economic Development Strategy 2012 - 2026 - DRAFT 1 INTRODUCTION AND EXECUTIVE SUMMARY The Council is confident that established make every effort to secure further sectors including financial services, public investment in these assets, and ensure they administration, and freight and logistics will are promoted to new audiences, thereby maintain their position of strength and increasing the volume of visitors to the prominence in the Ipswich economy. In town. addition, we anticipate the following four sectors will drive economic expansion over A more detailed implementation plan to the next decade and beyond. This selection support these proposals is set out in the has been based on both each sector’s strategy, together with lead responsibilities current position and their future potential and timetables for delivery. The strategy for investment and growth: features an 12 point list that will deliver on the Council’s economic development • Education priorities. Each action is aligned with at • Tourism, Hospitality & Culture least one of the three core aims described • Energy earlier in this summary. • ICT & Creative This is a draft economic strategy that is The Council strongly believes that the open for consultation until Friday the 26th prospects for economic development are October 2012. All your views are welcome. positive and Ipswich continues to attract Please turn to the consultation significant external private sector questionnaire at the end of the strategy to investment, as evidenced by the number of have your say. The full strategy can also be major development projects that are either found on the Council’s web site at planned or underway across the Borough. www.ipswich.gov.uk The completion of these developments over the coming years will offer the prospect of new employment and business opportunities. Ipswich also benefits from a diverse cultural economy founded on a collection of high quality assets located throughout the town and the waterfront area. The Council will Busy town centre 5 Ipswich Economic Development Strategy 2012 - 2026 - DRAFT 2 PREFACE This economic development strategy will economic vision. A more detailed focus on job creation and retention, as well description of the IPA’s economic vision can as promoting and attracting investment to be found in Appendix 1. Ipswich, reflecting core aims in Ipswich Borough Council’s Corporate Plan - The Council’s Core Strategy estimates that ‘Building A Better Ipswich’. the IPA will need to support an additional 18,000 jobs by 2025. In addition, Ipswich The Council’s economic strategy has taken has been earmarked for 10,500 new homes account of the aspirations of our economic by 2027 - roughly a third of the total development partners including: Suffolk housing growth for Suffolk. This strategy County Council, New Anglia Local will set out a path that will facilitate and Enterprise Partnership (NALEP), the encourage the attainment of these Ipswich Policy Area Board, University employment and housing growth targets. Campus Suffolk (UCS), Suffolk New College, the Haven Gateway Partnership, The Council acknowledges that along with Ipswich Central and the Growth Cities the partners listed above, it will have to Network. Supporting the local economy is work with a wide range of additional Ipswich Borough Council's top priority and partners in the private, public and third we will work with partners to ensure sectors in order to achieve the aims set out Ipswich takes every opportunity to succeed in the following strategy. A full list of in difficult economic conditions. identified partners is included in Appendix 2. This strategy outlines a framework for Ipswich’s economic development, taking To deliver the aims of this strategy, the into account key employment sites adjacent Council will seek to secure relevant streams to the Council’s boundary and the strengths of funding, including the Growing Places and opportunities these adjacent sites offer. Fund and Regional Growth Fund, as well as We have used the Ipswich Policy Area (IPA) any additional external funding streams definition as a base for the purposes of all that align with the delivery of our economic population calculations