Our Opportunity and Vision
The Heart of the South West is a special place with enormous potential in its businesses, its people and its places. Transformational change is taking place in the global, national and local economies, driven by new business models and the potential of digital and new industries. These changes will open new opportunities for our businesses and places, opportunities to develop new ideas, products and services and opportunities to develop new businesses.
Since the financial crisis, employment levels across Heart of the SW have risen to record levels but collectively, the productivity of the area lags behind other parts of the UK. Productivity is the amount produced per worker or per hour worked and is essential to the long term growth of wealth, better wages, tax revenues to support better public services and better standards of living.
“Productivity isn’t everything, but in the long run it is almost everything. A country’s ability to improve its standard of living over time depends almost entirely on its ability to raise its output per worker.”
Paul Krugman – The Age of Diminishing Expectations
Heart of the SW LEP has worked closely with partners and consulted across the area to develop a strategy to address our productivity challenge. Our vision is for all parts of the Heart of the South West to become more prosperous, for people to have a better quality of life and higher living standards. To achieve that, we want to create a more vibrant economy where the benefits can be shared by everyone. Improving our productivity will help us achieve that goal.
The Strategy is an evolution of our Strategic Economic Plan and our ambition is simple – to double the size of the economy over 20 years through improving our productivity. We have ambitious local plans that outline needs and opportunities for housing and economic growth. To accelerate our progress towards our ambition and vision, improving productivity is our collective focus. We will raise productivity to drive prosperity for all.
Follow the link to see the Strategy in more detail Heart of the South West Productivity Strategy 2018.