Introduction David Ralph, HotSW LEP CEO
This month the Government confirmed that Government funding and sponsorship for LEPs will cease after April 2024. LEP functions will transfer to local democratic institutions, namely upper-tier local authorities. We will continue working with our partners to deliver an orderly transition, aligning service delivery with a coherent economic plan and priorities.
We also released a Hinkley Point C dashboard, showing the broad positive impact the project has had on the local area and surrounding region. Our work with Tomorrow Tourism continues as we develop a business plan for Local Visitor Economy Partnerships; you can take the survey here to have your say on how they will work.
Our partners at the Great South West announced their partnership with The UK’s Real Estate Investment & Infrastructure Forum (UKREiiF), which is set to take place between 21-23 May 2024, in Leeds.
Keep reading to find out more about all of the above, as well as news about foreign investment in the region, business support opportunities, and more.
David Ralph
Chief Executive
South West celebrates job growth from foreign investment
The Department for Business and Trade has revealed its Foreign Direct Investment (FDI) figures for 2022/23. The Heart of the South West saw nearly 1,000 jobs created through foreign investment projects in the last year; an 80% increase on 2021/22.
The UK remains one of the most attractive places in the world to invest in, with over 1,600 FDI projects creating nearly 80,000 jobs across the country. Devon, Somerset, Plymouth and Torbay, FDI resulted in 16 projects in the last financial year, opening up 957 jobs
Work begins on business plan to boost Somerset and Devon visitor economies
We’re working with Tomorrow’s Tourism to develop a business plan for Local Visitor Economy Partnerships (LVEPs). LVEPs aim to create vibrant and sustainable visitor economies and generate better outcomes for visitors, businesses, the environment, and communities.
Tourism stakeholders in Devon & Somerset have can have their say in how these organisations can best work. We would be grateful if you could spend a few minutes taking part in the LVEP stakeholder survey, and have your say on tourism in the region
Heart of the South West Growth Hub events
The Heart of the South West Growth Hub has a dedicated page listing all the latest business events taking place across Devon, Plymouth, Somerset and Torbay. With a range of virtual and in person events there’s something for every business.
Upcoming events include, How to supply Somerset Council, Discover Microsoft 365, Attracting and Retraining Top Talent, plus many more!
Digital Link: unlocking your potential
Businesses in Devon, Somerset, Plymouth and Torbay can benefit from The Heart of the South West Growth Hub’s new digital link service. The service offers fully funded one-to-one digital business support and a digital business review.
You’ll also get dedicated time with the Growth Hub’s in-house Digital Business Advisers, tailored to meet your unique business needs and provide you with personalised, actionable digital advice and guidance.
Great South West partners with UKREIIF 2024
The Great South West announced its pavilion partnership with The UK’s Real Estate Investment & Infrastructure Forum (UKREiiF), which is set to take place in Leeds next May. The forum will attract inward investment, and generate economic growth.
The Great South West’s decision to join hands with UKREiiF 2024 underlines its commitment to championing the region’s status as the UK’s Clean Energy Powerhouse.
Discover the impact of Hinkley Point C
Our latest dashboard considers the wider impacts of the Hinkley Point C projects across Somerset. Hinkley Point C is the first new nuclear power station to be built in the UK in over 20 years and represents one of Europe’s largest infrastructure projects.
The power station will provide low-carbon electricity for around 6 million homes whilst the construction is forecast to create 25,000 employment opportunities and train over 1,000 apprentices. Over £5 billion has already been spent directly with South West businesses and direct investment into skills and training facilities is hoped to deliver a lasting legacy.
The evolution of the HotSW LEP
In his latest blog, CEO David Ralph looks at what’s next for the LEP: “Following three reviews spanning four years, the Government has now confirmed that Government funding and sponsorship for LEPs will cease after April 2024.
“The letter from Ministers and their supporting guidance points to the continued importance of a partnership approach, with the business voice being front and centre, and to the need for strategic economic planning.”
Meet Our Members: Vince Flower, Visit Devon
Our latest Meet Our Member blog shares industry insights and the career journey of the Chair of the Torbay Economic Development Company and Visit Devon, Vince Flower. Vince joined the LEP in 2021 to help prioritise the welfare of the local community.
“I became a member of the LEP because I believe every region requires a strategic entity that can effectively unite partners and resources, fostering collaboration across the area. It’s this blend of public and private sectors that for me is so important.”
