Date June 2018 Version 1.0 Approved by KB ECONOMY & REGENERATION PORTFOLIO HOLDER’S INTRODUCTION This is my third annual Portfolio Agreement, which summarises the Economy & Regeneration Portfolio’s work programme and its intended outcomes for the next 12 months. The 2017/18 Annual Report was published last month and this Agreement sets out how we will build on the work described in that report to make our Borough an even better place to live, visit, work and do business. We are working hard to ensure that the Borough’s economy continues to grow, but we are now placing particular emphasis on ensuring this growth is inclusive growth – growth that benefits all sections of our community. Work and skills issues are a key part of this work and earlier this year we held a Work & Skills Commission involving a series of workshops with employers, workers & jobseekers (including young people) and educators & trainers. These aimed to identify the priorities that we need to focus on to ensure our residents have access to good jobs and our workforce has the skills our employers need. Findings from the Commission will inform a work programme for a new Work & Skills Board and I will report on the Board's work in my regular performance reports. Its work will link with and complement work underway in the Reform & Governance portfolio that is investigating factors that seem to trap some of our residents in poverty. Finding and sustaining a good job can be the key to escaping poverty, but ill health can be a barrier to employment. I was delighted then that the Greater Manchester Working Well programme was launched in Stockport earlier this year. Over the next 3½ years, we expect the programme to help around 1,500 Stockport people back into employment. In my regular performance reports, I have highlighted success achieved with high-profile new developments, such as Redrock, Aurora and Stockport Exchange. So far, all are exceeding our expectations. During 2018/19, we expect the units at Redrock and Aurora to be fully, or approaching fully, let. Planning permission for the Phase 3 office building at Stockport Exchange has been granted. We expect work to begin this autumn and units to be available for let by 2020. Demolition of the cinema is almost complete and a temporary car park will be located on that site. Work to unlock the huge potential of the Underbanks and Marketplace areas of Stockport Town Centre will continue. Our plans to widen the food, drink and entertainment offer in the Marketplace will come to fruition during the year, with the reopening of the Produce Hall (with new operators), continued investment in the Covered Market and a regular programme of entertainment and events, which we are confident will attract Borough residents, as well as people from further afield. Exploratory work is underway with Stockport-based arts organisations to see how we can work better together to develop the Borough’s cultural offer in a more cohesive way to encourage inclusive and wide-ranging participation and collaboration that contributes positively to our emerging visitor economy. We continue to work with Transport for Greater Manchester (TfGM) and other partners to improve local transport links. The A6 to Manchester Airport Relief Road is due to open in late summer 2018. Work continues on the Town Centre Access Plan and all phases of work have now been approved. This will improve accessibility in and around Stockport Town Centre and has a particular focus on easing congestion for buses and general road traffic as well as on encouraging walking and cycling. Cllr Kate Butler, Portfolio Holder for Economy and Regeneration 1 THE COUNCIL’S PRIORITIES FOR STOCKPORT The Council Plan and Medium Term Financial Plan have set out some significant pressures and challenges and this Portfolio Agreement reflects these. The 2018/19 Council Plan, adopted by the Council in February 2018, aligns with the longer- term vision and shared outcomes set out in the 2015-20 Borough Plan. It incorporates the key principles identified by Cabinet, underpinned by an inclusive vision for growth and reform. Key achievements for 2017/18 and priorities for 2018/19 are highlighted and these are then aligned with the five shared outcomes from the Borough Plan: People are able to make informed choices and look after themselves. People who need support get it. Stockport benefits from a thriving economy. Stockport is a place people want to live. Communities in Stockport are safe and resilient. The Council Plan sets out our commitment to transforming Stockport’s local economy, protecting vital local services and ensuring that every resident has the opportunities they deserve. We will continue to listen and respond to local residents, elected members and other stakeholders when developing our plans. This will be with a clear focus on investing in a sustainable future for Stockport and its people. Whilst the Plan sets out some significant pressures and challenges, we will continue to use our influence to make the most of the major opportunities presented by the devolution of powers and responsibilities to Greater Manchester, and the integration of health and social care services. This is why we have incorporated priorities set out within the Greater Manchester Strategy ‘Our People, Our Place’ into the Plan. We will continue to work closely with the Greater Manchester Mayor to bring improvements to public transport and develop long-term plans to build the homes we need in Stockport. The last 12 months have seen exciting developments taking place in and around Stockport Town Centre. Ensuring that all residents can benefit from Stockport’s economic growth, and providing job opportunities and better access to employment for local people is central to our vision and plans to tackle poverty and inequality. For these reasons, we are placing Inclusive Growth at the heart of the Council Plan and our shared plans with local businesses and partners. We have continued to maintain, reform and improve services in the face of a decade of austerity, making our funding stretch as far as it can. We must be under no illusions - this represents the biggest challenge in the history of Stockport Council. This is why work is continuing to prepare the Council to be financially self-reliant – we are taking hard decisions now to create the conditions that sustain high-quality public services and strong civic leadership in future years. 2 1. ECONOMY AND REGENERATION PORTFOLIO OVERVIEW This Portfolio Agreement sets out the key responsibilities in relation to services and budgets. It also details the range of activities, projects and programmes that will support delivery of the priority outcomes, risks to delivery and the measures that will reflect progress over the year. The Economy and Regeneration Portfolio helps to ensure that Stockport residents benefit from inclusive economic growth and regeneration opportunities in the Borough by: Maximising employment opportunities for residents. Leading and encouraging the delivery of regeneration schemes. Encouraging business investment in Stockport. Providing an effective and efficient planning service in line with local policy and national legislation. Ensuring that Stockport has a local transport network that is responsive to local needs and opportunities. Working closely with the Leader of the Council and the Portfolio Holder for Reform & Governance to bring forward and finance sustainable development. Maximising the cultural opportunities available to Stockport’s residents and communities and using Stockport’s unique and distinct cultural offer to attract visitors into the area. 3 Contextual data Population Stockport’s population has been growing at a rate of about 1,000 people a year. Stockport has a higher proportion of children and older people relative to regional and national averages. The working age population in 2016 (16-64) was 63%, lower than the regional and national averages. This is expected to reduce further in future years, to about 61% in the mid-2020s, mainly driven by an increase in the over 65 population. Deprivation Stockport is a polarised Borough. The Index of Multiple Deprivation (IMD) 2015 ranks all small areas in England from the most to least deprived. There are 32,844 such small areas in England and the average population per area is around 1,500. The most deprived area in Stockport is in Brinnington. It is the 47th most deprived area in England. The least deprived area in Stockport is in Bramhall. It is the 111th least deprived area in England. All priority neighbourhoods in Stockport include areas of high deprivation. 4 Stockport’s economy £6.2 billion economy, 3rd largest workforce within Greater Manchester (GM), with 124,000 people employed in 13,000 businesses. 62.4% of the population are of working age (16-64). 81.5% of Stockport’s working age population are economically active, above the North West and UK averages. One of the lowest unemployment rates in GM, significantly lower than the regional and national rates. Latest data show that Stockport had nearly 13,000 businesses in 2016, an increase of 345 on the previous year. Stockport has consistently outperformed GM, regional and national business start-up rates per 10,000 residents over the last decade. 41.1% of Stockport’s residents were qualified to NVQ level 4 or above in 2016, a 5% increase from 2015. Only 6.3% of the Borough’s population have no qualifications, compared with 9.8% across GM. Stockport supports a diverse economy. Over the next 10 years, administrative & support services, information & communication, professional services, accommodation & food services, and wholesale/retail trade are expected to be Stockport’s main growth sectors. Stockport residents (aged 16-74) are currently more likely to have managerial or intermediate occupations compared to both GM and national averages.