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Strategic Economic Plan Driving Economic Growth Through Innovation

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Strategic Economic Plan Driving Economic Growth Through Innovation Oxfordshire LEP Strategic Economic Plan March 2014 Driving Economic Growth Through Innovation ii | The Oxfordshire Strategic Economic Plan The Oxfordshire Strategic Economic Plan | iii Foreword Oxfordshire is renowned across the globe for its academic excellence, Innovative business culture and quality of built and natural environment. We have Europe’s largest concentration of multi-million pound science research facilities, underpinning our leading position in advanced engineering, manufacturing and life sciences, in addition to being at the heart of the UK’s growing international space cluster. Oxfordshire is therefore primed for investment with solid economic foundations. We have ambitious plans to support our economic Adrian Shooter growth and the creation of sustainable jobs for our communities Chairman, Oxfordshire Local Our integrated approach, driving “economic growth through Enterprise Partnership Innovation”, presents government and business with a compelling case for investment. Therefore investment of Local Growth Fund resources will leverage significant public and private sector commitment building upon our successful City Deal and proposed European Structural and Investment Fund programme. We are confident that by jointly investing in our economy the Government will see significant positive growth for the UK as a whole. Through our collaborative working arrangements, the Local Enterprise Partnership, businesses community, local authorities and universities are working together to plan and deliver economic growth for the benefit of Oxfordshire and the UK economy. Oxfordshire is successful, we have the potential to do much more and fulfil our economic potential. We believe we are in a great place to start delivering on this potential and our plan sets out how we intend to get there. Adrian Shooter Chairman, Oxfordshire Local Enterprise Partnership iv | The Oxfordshire Strategic Economic Plan The Oxfordshire Strategic Economic Plan | v Summary: Oxfordshire’s Strategic Economic Plan Oxfordshire Local Enterprise Partnership Our recently agreed City Deal allows us to brings together business, the universities, put in place the initial phase of our growth colleges, research facilities and local ambitions to accelerate Oxfordshire’s authorities in our area: Oxford City Council, economy and drive growth. Our Strategic Cherwell District Council, South Oxfordshire Economic Plan builds on these ambitions. District Council, Vale of White Horse District Council, West Oxfordshire District Council and Our City Deal will: Oxfordshire County Council. • Invest in an ambitious network of new This is our Strategic Economic Plan for innovation and incubation centres to Oxfordshire and our bid to Government for nurture small businesses and capitalise on Local Growth Funding. This plan has been the intellectual assets of our universities developed by, and is jointly supported by, our and Big Science facilities: business community, academic institutions » the Harwell Innovation Hub: focused and county and district councils. on open innovation Our Strategic Economic Plan sets out our » the UKAEA Culham Advanced ambition for Oxfordshire to 2030 – to drive Manufacturing Hub: focused on remote accelerated economic growth to meet the handling technologies needs of our science and knowledge rich » the Oxford BioEscalator: focused on economy placing Oxfordshire at the forefront the life sciences sector of the UK’s global growth ambitions. » the Begbroke Innovation Accelerator: focused on advanced engineering sectors It sets out our ambition for increased business growth and productivity supported • Invest in Growth Hubs to help small and by accelerated housing delivery, better medium enterprises to grow through integrated transport, a better qualified better business support – with a particular workforce underpinned by a quality of place focus on supporting innovation that few locations can offer. • Accelerate the delivery of 7,500 homes across the county; and recognise that We already have a successful economy. the provision of quality housing will be Oxfordshire is regularly cited amongst the fundamental to the delivery of innovation- top 10% of Local Enterprise Partnerships led growth nationally. However we, like other Thames • Enable three new transport schemes to Valley Local Enterprise Partnerships, operate support developments: the Enterprise in a globally competitive arena where historic Zone, the Northern Gateway and the and continued success cannot be taken for first phase of the “Science Transit” public granted. It is vital therefore that our Strategic transport scheme that aims to join up our Economic Plan focuses on our unique growth areas economic assets and seeks to drive investment in our sectors and locations of greatest • Deliver over 500 new Apprenticeships for economic return and potential. Recognised young people nationally for the strength of our science based • Provide £95m of local and national public knowledge industries, we have an ambition to sector investment with a further £550m of be a global leader in ‘Big Science’. investment from housing providers vi | The Oxfordshire Strategic Economic Plan • Lever in nearly £600m of private sector the south, through Oxford, to Bicester in investment through site development, the north of the county - the Oxfordshire transport infrastructure, skills schemes, Knowledge Spine: and business support services and innovation centres • Science Vale Oxford – where we will build on its extensive research infrastructure • Create 18,600 new jobs and a further and the designation of Harwell as the 31,400 jobs during the construction phase home of the national Satellite Applications Our City Deal provides the immediate Catapult and the European Space Agency impetus for delivery in the short term, and and Enterprise Zone will be complemented by our bid through our • Bicester – where improved Strategic Economic Plan into Local Growth infrastructure, 28% population growth Funds to further accelerate delivery initially by 2016, and increased land availability to 2020 and to 2030 in the longer term and will unlock the potential for significant by our European Structural Investment Funds increases in employment growth and low Strategy. carbon development Aligned to our City Deal, our European • Oxford – where we will continue to invest Structural and Investment Fund (ESIF) plan in developing the critical infrastructure sets out our proposals for the use of the c£20 necessary to realise the full potential of million European funds which have been its world-class education, research and earmarked for Oxfordshire for the 2014 to innovation that underpins our growth 2020 period. Whilst our focus is to increase economic Our ESIF delivery is designed to boost our growth centred around the largely urban ability to innovate, support business growth knowledge spine we are equally cognisant and job creation, and provide opportunities for of the significant contribution our rural and residents throughout the county to participate visitor economy makes to our economic in our high skills, high quality labour market, success and the unique quality of life on including measures specifically targeted on our offer in Oxfordshire. rural areas. Our global brand in heritage, rural It is within this context that this Strategic landscapes and academic excellence makes Economic Plan identifies and prioritises key us economically attractive to business and themes which will shape our future and, a sought after place to live, study, work through which, we will drive economic growth and visit. Oxford’s global profile, academic across the county and create the conditions excellence and the county’s unique necessary to underpin our long-term agglomeration of research facilities provides economic success. It sets out our priorities to an outstanding environment for inward 2030 and provides a framework to guide our investment and business growth in high activity, investment and collective resources, quality business locations across the region. focusing limited government resources on As a place to live, Oxfordshire has a wide areas of greatest economic impact which will ranging offer from the unique, globally permeate economic growth across the whole known city of Oxford, to strategically located of the county. market towns and rural villages set within Our Strategic Economic Plan focuses on our outstanding landscapes. priority localities of Science Vale Oxford in The Oxfordshire Strategic Economic Plan | vii Tourism is strong and growing across such as the Oxford Green Belt Way and the county with impressive hospitality d’Arcy Dalton Way. The World Heritage City venues, beautiful countryside and the of Oxford set within Green Belt is an iconic World Heritage Site of Blenheim Palace. visitor attraction. Our cultural, heritage West Oxfordshire’s Cotswolds landscape and visitor attractions and internationally attracts significant investment with Forbes renowned events such as Henley Regatta magazine placing Burford as one of the most attract over 26 million visitors per year adding idyllic places to live in Europe. Oxford’s rich c£3.1bn to the local economy. historical heritage means that the city is a key world tourism destination, and Bicester Our approach to growth is focussed on the Village attracts a global market of over 5.8 Knowledge Spine and underpinned by our million high value visitors each year. high quality natural capital which delivers quality of life and supports our rural and Oxfordshire benefits from
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