Strategic Economic Plan will shape county's economy and wellbeing
"Our mission is simple – to grow our economy, support our businesses to succeed, increase the prosperity of all our residents, safeguard our environment and accelerate towards a net-zero Warwickshire.”
A new Strategic Economic Plan (SEP) which sets out the direction and objectives for Warwickshire over the next ten years has been hailed as a springboard towards a more prosperous, inclusive and sustainable county.
The SEP 2024-2034 was drawn up after close consultation between the County Council, districts and boroughs, partner organisations in the region and a range of other partners including businesses. It is designed to shape policy, attract funding and, most importantly, lead to actions which will enhance the economy and support communities across Warwickshire.
Endorsed by Warwickshire County Council’s cabinet last week, the SEP outlines priorities aimed at strengthening the county’s economy and thereby lifting the standard of living and the health and wellbeing of residents.
The plan lists three principal objectives for Warwickshire:
Ambitious Growth: To position itself as a dynamic and resilient economy, fostering prosperity, building on current sector strengths and supporting emerging sectors.
Inclusive Growth: To nurture a skilled workforce aligned to the needs of industries, collaborating with skills and education provision and developing an economy that works for all, tackling inequalities and ensuring that everyone benefits from a strong business base.
Sustainable Growth: To embrace green technologies, reduce carbon emissions and promote eco-friendly practices across businesses and communities.
The SEP will build on the solid position already enjoyed by Warwickshire due to the diversity, quality and innovation of its business community, assisted by supportive local authorities. That backdrop enabled the county to be as well placed as possible to deal with the challenges of recent years, most notably the pandemic.
Warwickshire’s economy has a strong foundation with exciting developments ahead. The Coventry & Warwickshire Gigapark, at Baginton, is expected to create over 9,000 jobs and create economic growth of around £2 billion for the region as part of the county’s participation in the West Midlands Investment Zone. Meanwhile, Warwickshire is one of three county councils to have been awarded a Level Two Devolution Deal which gives the county increased powers to tackle two key agendas - levelling up and climate change.
Warwickshire County Council’s Portfolio Holder for Economy, Cllr Martin Watson, said: “I am really excited by the Strategic Economic Plan and by the springboard it represents towards delivering a better, healthier and more inclusive life for our residents.
“I know how much hard work and expertise has been put into this plan by so many people and we want to build on this to ensure Warwickshire achieves its full economic potential. The plan considers all the issues, challenges and opportunities facing us in the short-term, but also the longer-term direction of our economy and sets a clear path to an ambitious, sustainable and inclusive sustainable future that provides benefit to our businesses and to our residents.
“We want Warwickshire’s economy to be one where every resident has the skills to secure fulfilling employment and one where businesses can start, invest and grow sustainably, innovate and adopt the newest technology. Our mission is simple – to grow our economy, support our businesses to succeed, increase the prosperity of all our residents, safeguard our environment and accelerate towards a net-zero Warwickshire.”
The new SEP covers Warwickshire alone but a separate SEP for Coventry & Warwickshire will follow later in the year as the connection between the city and county is a crucial element of the ecosystem of the region.
* An in-depth look at the Strategic Economic Plan for Warwickshire and what it means for businesses across the county will feature in the May edition of Warwickshire Means Business.