Economic Development Strategy10 – 20 Year Strategy (2020/2030)3 Year Rolling Action Plan

Economic Partnership 9th March 2009Mary Manuel

Head of Local Economy and Regeneration

Key Themes Supporting Business Growth and

Competitiveness Improving Resident and Workforce Skills Encouraging Inward and Local Investment

Vision by 2020: Bromley is one of most prosperous, thriving and skilled Boroughs in London

Vibrant town centres An improved skills base Improved employment opportunities Sustaining and growing local business Increasing inward and local investment

SWOT AnalysisStrengths

Quality of Life and Place

Skill levels

Income levels

Strategic Connectivity

Sector Strengths

Weaknesses

Lack of Economic containment

Localised deprivation

Lack of level 4 qualifications

Quality and Range of Office Stock

Dependence on Major Local Employees

Opportunities

Town Centre Investment

‘Green Potential’

Biggin Hill Airport

Visitor Economy

Political Climate

Threats

Potential loss of Major employees

Economic Growth ‘v’ Quality of Environment

Perceptions of Aspirations at Biggin Hill

Increased economic containment

National and Regional Focus on 2012

ScenariosDemand Supply Balance (sq m) Balance (ha)

Scenario 1

Office 31,073 29,502 -1,571 -0.2

Other Business Space 2,018 82,345 80,327 20.1

Warehousing/Distribution -60,616 9,046 69,662 17.4

Scenario 2

Office 211,571 29,502 -182,069 -28.0

Other Business Space 168,524 82,345 -86,179 -21.5

Warehousing/Distribution 8,431 9,046 615 0.2

Scenario 3

Office 149,133 29,502 -119,631 -18.4

Other Businesses Space 110,459 82,345 -28,144 -7.0

Warehousing/Distribution -17,487 9,046 26,533 6.6

Short term v long term Current economic recession

Supporting businesses in difficult times, managing decline in some areas and encouraging growth and innovation

Long term growth still forecast How do you identify growth businesses/sectors Building the conditions for local business and the

borough to be part of the recovery, i.e. skills and infrastructure.

Strategic Priorities ? Biggin Hill - manufacturing and business hub Bromley Town Centre – retail led renewal Beckenham Town Centre – consolidation Orpington Town Centre – environmental

improvements/ potential office development Infrastructure improvements

Extension of the tram route Improved orbital routes

Strategic Priorities ? Diversification of the local economy

Heavy reliance on F&BS and retail Encouraging start up businesses Supporting growth of local business Encouraging inward investment Focus on under performing communities

low activity rate, employment and skill levels

Fundamentals for a prosperous economy Quality of Place and Life Infrastructure/ accessibility to suppliers and

markets Skilled workforce Available land and property Access to finance Entrepreneurial culture

An Opportunity to Reassess our Economy What type of Economy do we want to

encourage? Preparation of the Core Strategy (new

planning framework for the borough) Mayor’s Outer London Commission –

reassessing the role of the suburbs Croydon identified as SL hub advantages/

disadvantages for Bromley

Time line Draft Economic Development Strategy – July

2009 Consultation Aug- Oct 2009 Strategy finalised Nov/Dec 2009 Strategy published alongside draft 3 year

action plan Jan 2010 Action plan 2010/2013 launched April 2010