Smart economic growth in Hertfordshire

John Gourd, Chairman,

Hertfordshire Local Enterprise Partnership

The LEP

• One of 24 initially approved in 2010, 39 now in place

• Formal Board approval March 2012

• HCC Accountable body• Small LEP/HCC exec team

at BioPark, WGC• Initially dependent on HCC

support – now moving towards independent structure

Hertfordshire LEP Board

5 Corporate members

2 SME members

3 Local Authority Members

1 Not for Profit 1 HE/FE

The Game Changes

Michael Heseltine’s NO STONE UNTURNED – in the pursuit of GROWTH

The key stages• What do we want the

economy of Hertfordshire to be like in 2030?

• The Vision needs to provide a clear sense of purpose and direction

• How is the Vision going to be achieved?

• What choices need to be made?: what is the LEP not going to do?

• The Strategy needs to be agreed for the medium term – governance will be crucial

• What needs to happen over the next 5-7 years to advance the Strategy?

• Who is going to do it?

• How will it be resourced?

Hertfordshire’s economy today

• But residence-based earnings (£597 per week) are much higher than workplace-based ones (£539 per week)

• Housing increasingly unaffordable, particularly for those working locally

• Hertfordshire’s “direction of travel” is concerning…

Hertfordshire’s economy:• 1.1m people• 600,000 jobs• 50,000 businesses • £26bn GVA

In relation to 38 other LEPs:• 4th “most resilient”• 4th best performing in terms of

GVA per capita• 6th best performing in terms of

high level qualifications

GVA per head has grown slowly over the last two decades...

Hertfordshire

London

GC-GP

…despite a superb strategic location at the heart of the Golden Triangle

Our strategy

Our Vision:By 2030, Hertfordshire will be the leading economy at

the heart of the UK’s Golden Triangle

Priority 1:Nurturing

science-based enterprise and

innovation

Priority 2:Harnessing our

relationships with London

Priority 3:Re-invigorating vibrant towns

for the 21st Century

Our Guiding Principle:Growing smartly as a perfect place for business

We will:•support the development of the Rothamsted Enterprise and Research Centre – and perhaps later an ambitious science park•continue to develop and support the principal bioscience facilities (Bioscience Catalyst; BioPark)•engage fully in the Golden Triangle bioscience community to address key issues – e.g. equity gap•ensure that physical infrastructure is attuned to the Golden Triangle – e.g. major sites, A1(m) J6-8•develop effective training provision, especially around advanced manufacturing/engineering and IT

Priority 1: Enterprise and innovation at the heart of the Golden Triangle

We will:•support the growth of the film and media sector in partnership with other LEPs•encourage the growth of sport, leisure and cultural activities as key economic drivers•work with local authorities to prioritise sites for high quality business parks and value added logistics•ensure that wider elements of the strategic infrastructure are aligned (e.g. Watford Junction Interchange Redevelopment; M1-Maylands Link Road)•work with other LEPs to advance the potential of the M11 Corridor

Priority 2: Harnessing our relationships with London

We will:•advance a new vision of town centres•develop appropriate provision for enterprise across Hertfordshire’s towns•ensure Hertfordshire is a “smart county” with the highest quality broadband and the creative use of mobile apps., etc., especially in the town centres•encourage a new dialogue in working towards a Hertfordshire-wide spatial plan

Priority 3: Re-invigorating vibrant towns for the 21st Century

Overall timescale

From Strategy to Action

•Strategy forms basis of our ‘Growth Deal’ for 2015/16•£2bn available nationally - Funds include:

–Transport -

–Housing – New Homes Bonus

–Skills – capital and revenue

• £59m EU funding over 2014-2010•Deals will be assessed on:

–Ambition and Rationale –Value for Money–Delivery and Risk–Buy-in from partners

•Challenging timetable needs to be in place over 2014

Reflections

• LEPs are here to stay:• Conduit for funding• Mechanism to deliver policy• Channel of communication

• A Hertfordshire LEP is an advantage, however

• Fierce competition for resources and profile• We need convincing propositions e.g. growth

deals, investing in success• We need your support for our leadership role on

the economy

How to provide feedback

• Please email any thoughts to consultation@hertfordshirelep.co.uk

and/or• Please complete our online response form

http://www.keysurvey.co.uk/f/520255/17ba/

Panel Members• John Gourd,

Johnson Matthey (Chairman)

• Yolanda Rugg, Hertfordshire Chamber of Commerce

• Dan Dark, Warner Bros. Studios