Economic strategy

For growth & opportunity Executive Summary November 2017 Our potential by 2036…

A higher proportion 88,000 £39 of people net new jobs GVA per hour engaged in the labour market than across the UK 140,000 30,000 new homes new businesses

£17.5 billion £200 66% in real terms of growth per week median of the population with in our economy wage increase NVQ 3+ qualification

2 Executive Summary 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 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 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

Executive Summary 3 4 Executive Summary Foreword The strategy

Our economy contributes £35bn to UK plc and Industrial Strategy, working together as business leaders, Our strategy looks ahead to 2036, but investment here delivers growth. Since 2010 our local authorities, the voluntary and community sector, focuses on the actions we need to take over economy has grown by 9%, faster than many universities and colleges to drive future success in a place he next four years to secure long term success. “powerhouse” areas. Ours is a diverse economy, but where businesses and residents can thrive and succeed. It is a dynamic and living blueprint to guide the with globally competitive clusters that drive our We are exploring new models of funding and financing the work and investment of many partners. success. We are well connected to London, Cambridge infrastructure we need, because the evidence shows we Together we have: and wider international markets, with higher than can deliver returns and growth. average levels of economic activity. We are ambitious Examined the evidence for future growth and we will work with Government We are confident in our ambitions because they are built making sure we understand our economy in and private investors to deliver it. on the success of our original 2014 Strategic Economic detail, how it works and is changing. Plan. This has delivered more jobs, new businesses We have an excellent understanding of our economy and and housing. The numbers tell the story. Since 2014, Set challenging but achievable ambitions the opportunities ahead. New technologies, techniques 43,600 more jobs and 5,710 new businesses have been which are based on the evidence and describe and collaborations across sectors will further drive growth, created and 18,850 new homes built. Over £350m of the place and economy we want Norfolk and raising productivity and moving firms into new products government funding has been secured and will be Suffolk to be. and markets. Our strategy is to support growth across invested in the region by 2021 in a wide range of projects all sectors, focusing on creating high value, highly skilled to improve skills, drive innovation, support growing Agreed the themes jobs and industries, whilst also providing the technical businesses and improve transport and other infrastructure. under which we are going to prioritise action skills, access to innovative techniques and support that all Over £260m of private sector funding has also been and investment. businesses and the wider workforce need to succeed. unlocked, outstripping our original commitment of £199m by 2021. Agreed the priority places Norfolk and Suffolk has a number of key centres of where investment and action is most likely economic activity, with fast growing urban centres, historic Collaboration and hard work from all partners has been at to deliver a strong return. market towns and a large rural economy. Our natural the heart of this success. We have achieved much, but there landscape and our rich cultural heritage give Norfolk and is more to do. Our Economic Strategy reflects the evolving Identified Economic Indicators Suffolk its distinctive character. We are forward looking needs and opportunities of our growing and set targets and our economy is well positioned to capitalise on the local economy and how it responds to measure success and drive delivery. opportunities created by further advances in technology and succeeds in a fast changing world. and digital connectivity. Doug Field We are determined that growth will be inclusive, benefiting Chairman of New Anglia all our people. We are looking ahead to the Government’s Local Enterprise Partnership Executive Summary 5 Our sectors

Energy Advanced Agriculture, Food and Drink Transport, freight and Logistics Global, all-energy expertise with 50 Home to an advanced and nationally The UK’s largest container port at years’ expertise in the oil and gas sector, significant farming sector, alongside Felixstowe on the premier EU/ Asia route nuclear new build, and the world’s largest globally renowned food and drink and the UK’s largest exporter of grain at windfarms in development off our coastline companies, and a world-leading research the port of Ipswich. with a globally competitive renewables supply chain base centred at Norwich Research Park (NRP). and support industry. Construction and Development Financial services and Insurance Norfolk and Suffolk have a large and Life Sciences and biotech One of the largest financial services and diverse construction and development International expertise in the fields of insurance clusters in Europe, with growing sector, Europe’s largest Urban extension food, health and the microbiome, an start up financial service businesses in Broadland and emerging specialisation in advanced cluster of animal health and building on a heritage going back Passivhaus and sustainable design. emerging pharmaceutical manufacture on 200 years. the Cambridge Norwich Corridor. Advanced Manufacturing and engineering Visitor Economy – Tourism, Including national expertise in ICT, Tech and Digital Creative Heritage and Culture automotive, civil aviation, composites Centred on Norwich’s fast-growing digital A varied and rich tourist offer, from coast and pharmaceuticals. creative hub and the world-leading and countryside to postcard market towns, centre of innovation in communications underpinned by a dynamic and pioneering technology at Adastral Park and Innovation cultural sector boasting internationally celebrated Martlesham near Ipswich. We are at the forefront of brands and festivals. “Many of our growth digital innovation, with strengths in telecoms, cyber security, quantum technology, Internet of Things and opportunities involve UX design, with business coming together under the Tech East brand. collaboration and partnership between firms in different sectors.”

6 Executive Summary Our offer to the world Ambitions, priority places and themes

Ambitions Our priority places Driving Based on the evidence we have agreed a set of The where the evidence shows there are significant business ambitions. We want Norfolk and Suffolk to be: opportunities and commitment for continued growth: growth and productivity The place where high growth businesses Ipswich and the surrounding area. with aspirations choose to be. Norwich and the Greater Norwich area. An international facing economy with high The Norfolk and Suffolk Energy Coast, including value exports. Bacton, , Lowestoft and Sizewell, Driving Inclusion A high performing productive economy. with assets on and offshore. and Skills A well-connected place. The Cambridge-Norwich corridor growth – connecting An inclusive economy with a highly skilled two global centres of research workforce. The critical east-west growth corridors along the A centre for the UK’s clean energy sector. A47 from Lowestoft and Great Yarmouth to King’s A place with a clear, ambitious offer to the world. Lynn and the A14 from Felixstowe through Ipswich, Stowmarket, Bury St Edmunds, Newmarket and We will deliver these ambitions through action and Haverhill to Cambridge/Peterborough. Collaborating investment in priority places and themes. These King’s Lynn - and the A10 and rail corridor to to grow have been chosen based on the evidence and the Cambridge. engagement and expertise of all the partners involved in creating and delivering this strategy. Our priority themes They are those economy-wide opportunities where the evidence shows that investment and action will have the greatest impact on our ambitions and how we will deliver Competitive growth in all places across Norfolk and Suffolk. clusters close to global centres

Executive Summary 7 Our offer to the world Driving

Improving and communicating a clear, ambitious Use consistent place branding, with an business offer to the world is central to all our ambitions overarching offer, supported by our unique places, and targets and to attracting the people, investors culture and diversity. and businesses of the future. Our economy makes Work with Government to ensure that the growth and a major contribution to UK plc and global markets, unique contribution of our energy sector is well with internationally important strengths in clean understood and supported. productivity energy, ICT, biosciences and financial industries. We Build the right kind of housing and commercial have major exporters and attract a net inflow of space where it is needed and integrate utility, young people and families. We have a large visitor road, rail and green infrastructure to build the Our diverse economy is a real strength. Our economy attracting 5 million people a year. communities and places people want to live. work to support business will be driven by three Develop a year-round visitor offer by investing in goals – increasing investment, driving productivity Ipswich Waterfront Together we will: the strategic projects such as attractions, heritage and helping our firms move into new markets Work across all local authorities to integrate our and cultural institutions that also will increase and products. inward investment and visitor spend. business location offer, campaigning at scale Together we will: in new markets and working with national Ipswich Waterfront Re-galvanise our high-quality business support Government. offer to ensure it meets the changing needs of Attract the highly skilled people we need, businesses adapting to new ways of working through targeted campaigns at specific groups and technology. This will include leadership working with sectors and clusters to show people development, and the ecosystem firms need to the opportunities that are here. share knowledge and services across sectors. Work together to make sure that investment Enable our SMEs to grow and increase exports by markets have the information they need to take focusing grant programmes and other support on the decision to invest in infrastructure of all kinds. growth, innovation and productivity. Improve digital connectivity, with a particular Lead a cross sector “trade global, supply local” focus on super-fast broadband in rural areas campaign, to open up supply chain opportunities and reliable mobile phone coverage for those for local businesses. travelling around the region. Prioritise digital and physical infrastructure projects to support businesses to develop and provide the space that new and existing firms need to grow.

8 Executive Summary Set up new schemes to help high growth businesses and make it easier to access advice Driving inclusion and skills and funding for commercial innovation and commercialising business and university R&D. Provide improved access to finance and assist Our people, whether in traditional careers, micro Prioritise leadership support for our entrepreneurs business capability in identifying skills deficits. We businesses, arts and culture or supporting others and those in new high growth businesses, will make it easier to access these services through in the community are central to all our ambitions through further accelerator support and business a new “front door” for investment and goals. We want to raise and support aspiration mentorship. We will provide the ecosystem that funding support. across all ages. We have made good progress in new entrepreneurs need to succeed. Establish new centres of excellence to improve raising skill levels, but we want to go further and Deliver the Youth Pledge for all our young people, productivity and innovation providing new skills faster, particularly for those already in work. We providing an integrated offer that shows and for business leaders and employees. will help our young people set their ambitions high inspires them about the opportunities that exist Below A Growth Hub advisor and Advanced and understand the exciting local careers available and provide support into employment. Manufacturing and Engineering to them. Work with Government to establish an Institute Ipswich Waterfront of Technology that builds on our strengths Together we will: and meets the increasing need for higher level Develop sector skills plans to produce clear technical skills in key areas such as energy, statements about the skills businesses need now engineering and manufacturing. and in the future, to influence providers, business Develop new approaches and remove barriers to investment and personal choices by new students get people back into work, especially for those and those already in the workforce. furthest from the job markets and provide support Develop an integrated skills offer for businesses for all into sustained employment. across Norfolk and Suffolk, to make it easier for them to navigate and access the initiatives and providers that are available. We will focus “Driving skills and high-quality particularly on long term development of technical skills in our existing workforce. employment is fundamental Prioritise capital investment on provision that will to our goals to create a more deliver the future skills our sectors and workforce need. We will take a commissioning approach and inclusive economy, with be clear about what must be provided. We will improving wage levels, living use higher level apprenticeships and skill deals to drive innovation. standards and attainment.”

Executive Summary 9 Collaborating Competitive clusters to grow close to global centres

The competition we face does not come from within Within our business sectors, Norfolk and Suffolk Clean Energy Norfolk and Suffolk. Many of the opportunities we have a number of recognised national and global Our East coast energy cluster is world class. It is the have come from our proximity to Cambridge and clusters of businesses with excellent access to only place in the UK where expertise and operations London as well as global markets. The new markets national and global markets and to London in oil, gas, nuclear, renewables, solar and micro and investment opportunities we seek are national and Cambridge. generation exist in such close proximity. and global. Each of our identified clusters has substantial further Finance and Insurance Together we will: growth potential and supports high value jobs. We Two clusters, concentrated in Ipswich and Work across sectors to help businesses collaborate will support these clusters and their specialisations, Norwich. Aviva, Marsh, Willis Towers Watson and on increasingly common requirements for technical working with each to ensure that the commercial AXA are global players in the insurance industry, know-how and access to new markets and opportunity they represent is fully developed and who sit alongside a growing number of smaller techniques across sectors that might once have well communicated to Government and investors. fin-tech businesses. been more distinct, such as telecoms, agricultural and food technology and logistics. Evidence suggests businesses benefit from locating Digital Work between public and private sectors to in these clusters. At Adastral Park, near Ipswich, we have a globally explore innovative approaches to funding significant ICT cluster and one of the world’s leading and finance, driving returns on investment in Together we will: Innovation Hubs in information technology, together infrastructure. We are committing to opening up Develop a plan for each cluster that will: with a fast-growing digital cluster in Norwich. procurement and further empower businesses Encourage new companies and commercial through a smoother planning system, linking investment. Life sciences and biotech housing, utilities and infrastructure provision and Establish global and national links. At Norwich Research Park, home to the Earlham flexible and integrated investment plans. Maximise local supply chain benefits. Institute, John Innes Centre , The Sainsbury Work with other regions on regional, national and Market the commercial opportunity. Laboratory and the Quadram Institute and in international opportunities, such as transport and Develop the ecosystem that enables the cluster Lowestoft at The Centre for Environment, Fisheries new nuclear. to thrive. and Aquaculture Science (CEFAS), we have two major UK life science centres.

10 Executive Summary Economic 35.5bn 9.6% indicators faster growth contribution than other ‘power-

To measure our success we will use eight economic to the UK plc house’ areas indicators. Each indicator target has been developed using a robust methodology and is based on clear evidence about what is achievable and ambitious. 78% employment rate* £2.9bn Making it happen compared 74% goods every across the UK year exported Implementation will be delivered and driven through a series of action plans covering each element of the strategy. 2nd These will be supported by the evidence base, 14% below the a common investment prioritisation tool, a fastest area for shared approach to inclusive growth. We will high-growth firms UK average in living measure and review progress with all partners annually. in the UK** standards

This strategy will not be delivered by one partner alone or by one strand of investment or actions. The ambitions and priorities we have agreed provide the direction and 61,000 1,626,900 strategic case for a wide range of partners to develop their own plans and interventions independent population that contribute to achieving our shared ambitions. enterprises in 2015

Executive Summary 11 The Economic Strategy for Norfolk and Suffolk has been approved by the New Anglia LEP Board and developed in partnership with and endorsed by a wide range of stakeholders including:

Education Establishments Businesses and Business Subsidiary Groups Sector Groups Norwich University of the Arts Adnams Building Growth Group University of East Anglia Agri-tech East Digital Creative Industries Group University of Suffolk Aviva EEEGR New Anglia College Group Ben Burgess & Co Financial Industry Group - City College Norwich Broads Authority Food, Drink and Agriculture Board - The College of West Anglia Briar Chemicals New Anglia Cultural Board - East Norfolk Sixth Form College Business Writers Ltd New Anglia Advanced Manufacturing - Easton & Otley College CBI & Engineering - Great Yarmouth College Country Land and Business Association (CLA) TechEast - Lowestoft College Co-op Visit East Anglia - Lowestoft Sixth Form College Finance East - Paston Sixth Form College Foolproof - Suffolk New College Federation of Small Businesses - Suffolk One Hethel Innovation Local Authorities - West Suffolk College Hethel Engineering Centre Babergh and Mid Suffolk Councils Iceni Diagnostics Breckland District Council Institute of Directors Broadland District Council Innovation Martlesham Forest Heath District Council Lintott Control Systems Limited Great Yarmouth Borough Council Marsh Ipswich Borough Council Morgan Sindall Norfolk County Council Nautilus Associates Ltd Norwich City Council Norfolk Chamber of Commerce North Norfolk District Council Norwich International Airport South Norfolk Council Nwes St Edmundsbury Borough Council OrbisEnergy Suffolk Coastal District Council RG Carter Construction Suffolk County Council Scottish Power Renewables Waveney District Council Scottow Enterprise Park West Norfolk Council Suffolk Chamber of Commerce Redesigned in winter 2019, text Vattenfall correct at publication in 2017 Writers’ Centre Norwich