The LEP has published the latest information about its emerging Local Industrial Strategy – a deep data dive into the area’s economic successes, drivers, challenges and opportunities.
The report, entitled Our Local Industrial Strategy – Defining Our Approach – summarises more than a year’s worth of detailed research commissioned by EM3. It presents a picture of a successful, diverse economy with knowledge-driven, globally competitive, digital and design-based businesses operating at the cutting-edge of innovation – like immersive technology, space and satellite - but is clear that past success cannot be taken as a guarantee for the future.
The new evidence throws fresh light on many aspects of the area’s economic prospects including recent changes in employment patterns; differences in the performance and characteristics of our towns; the outstanding performance on exports, especially of services; and new understanding of how EM3 businesses in the low carbon sector can help the UK respond to climate change.
It also suggests a number of interventions to ensure that the area remains competitive on which the LEP now wants to engage partners and stakeholders to help shape and develop them into a package that the whole area can support.
Kevin Lloyd, Enterprise M3's Local Industrial Strategy Lead, said:
"The Local Industrial Strategy provides exciting opportunities for the Enterprise M3 region. We are aiming to bring together all of the organisations - councils, businesses, universities and others - that can drive positive change in Surrey and Hampshire, enhance our already high-performing economy and maximise the potential of the area as a place to live, work and visit."
If you would like to support the LEP in its work shaping the future of the region’s economy, please contact us here (LIS@enterprisem3.org.uk.)
Developing the Strategy
The local industrial strategy (LIS) will be the single most significant statement that the LEP makes about its priorities for the medium term. It will give effect to the strategic economic plan but with a focus not just on growing the economy but on how that growth is achieved – through enhanced productivity and in ways that maximise the benefit for people and places across the EM3 area.
The Government have indicated that all LEP and Combined Authority areas should develop a local industrial strategy, to be agreed with Government.
This page will provide access to all of the material that the LEP makes available on the LIS including commissioned research, workshops and events.
If you would like to be involved in the LIS, please contact LIS@enterprisem3.org.uk.
Approach to the Strategy
Given the recent work on the SEP which sets out the general ambitions for the area in the medium term, for the LIS the LEP has adopted a modular approach focused on nine long-term strategic priorities each of which will improve productivity but also support the viability and vitality of the area.
These strategic priorities provide a convenient focus for collaboration and engagement with partners and stakeholders on evidence, analysis and potential interventions:
SCIENCE, INNOVATION AND ENTERPRISE
Stimulating more innovation and greater commercialisation of knowledge in our leading sectors to increase output from the most productive businesses, to promote diversification from these strengths and to spread the opportunities arising from them to other sectors.
PEOPLE AND SKILLS
Transforming the workforce to respond to new business models, particularly increased digitisation, and enhancing participation and inclusive growth through a better skilled, supported and healthier workforce.
Supporting the productive capacity of the networks of relatively small but successful places which make up the EM3 area and generate much of its economic growth.
Increasing supply and securing greater diversity of housing to improve recruitment and retention of the people that business needs.
A GATEWAY REGION
Growing our region through maximising access to global markets through our ports and airports and the potential of the sub-regional economies associated with those gateways.
Articulating the full potential for the EM3 area to make better use of energy to improve productivity and the role of the natural capital in shaping future economic growth.
A step change in digital connectivity and development of our strengths in digital enabling technologies which will open up opportunities to transform public services, develop new commercial applications and address poor mobile and broadband connectivity in parts of the area.
Better and more efficient connections between businesses and their staff, supply chains and markets to enhance productivity and new approaches to mobility that suit the needs of residents and the nature of our area.
Increasing the number of companies and the volumes of goods and services being exported to increase demand and stimulate investment.
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