Introduction David Ralph, HotSW LEP CEO
As we come to the end of winter and look to the next season, it’s difficult not to reflect on these past few months as a period of significant change.
I think I can summarise the current economic situation in the region as a high degree of volatility and uncertainty in the short term, but with a more positive outlook starting to emerge.
With the sudden emergence and then fairly rapid subsidence of the Omicron variant, we are seeing a return to the conditions prevalent earlier in the autumn, but are some way from the stable conditions businesses need to be able to plan and invest with confidence.
Despite these challenges, GDP is continuing to recover, and there is plenty to be optimistic about in the next quarter. Growth must be driven by increased productivity, through investment in better skills, in supporting the creation of new products and services, in adopting new digital ways of working, in accessing new markets, and in nurturing the key growth sectors of the future. And across all these, we must ensure that everyone has the has the opportunity to contribute to and benefit from that growth.
We have of course seen the publication of the Levelling-Up White Paper, which will bring forward significant changes which we are talking through with local stakeholders and Government. Meanwhile delivery and recovery continues, and I’m delighted that already this month we have seen exciting projects set out in our Build Back Better plan becoming operational across the Heart of the South West, reflecting the investment and productivity needed to bolster inclusive growth.
The £1 billion investment in Devonport infrastructure is welcomed, the iAero Centre officially opened in Yeovil, which will support the development of sustainable aerospace technologies, and we have launched a study into the region’s wider sustainable aviation facilities, to help share our proposition for future flight technologies. A Health Tech Innovation Hub is opening in Plymouth, accelerating new health technology developments and attracting businesses into the area.
I am delighted to share these, and other exciting, innovative projects with you in this month’s newsletter.
David Ralph
Chief Executive
Celebrating women and girls in science
This month we celebrated Women and Girls in Science Day at Exeter Science Park’s new Ada Lovelace Building, funded through our Getting Building Fund. Find out more about the inspirational woman it is named after, and how it will support jobs and innovation in the region, in our video.
Report commissioned into sustainable aviation and aerospace potential in the South West
We have appointed Frazer-Nash Consultancy to undertake a feasibility study into the potential for smart and sustainable aviation and aerospace testing and demonstration facilities within the Heart of the South West.
Frazer-Nash will undertake a high-level feasibility study to help shape the Heart of the South West’s proposition for providing test and demonstration facilities for future flight technologies. The study will help to understand how the sector, and key industrial partners and assets, could shape the HotSW area to be a UK leader for such a facility.
Winter Business Bulletin
Our latest quarterly Business Bulletin has been published, offering a digest of intelligence from national and local partners specifically reflecting the Heart of the South West, who represent over 25,000 businesses.
Read the full Bulletin to find out about consumer demand, manufacturing, sales, the labour market, business confidence, the impact of the pandemic, productivity, GDP, and economic growth in the South West.
Proposed nuclear fusion plant would benefit the South West's economy
The economic partnership for Western England and South Wales, The Western Gateway, is leading on a bid to the UK Atomic Energy Authority for Gloucestershire to host the country’s first prototype fusion plant.
If successful, the initiative would attract increased inward investment to communities in the South West, along with creating academic and research opportunities, skills development, and civil engineering opportunities. The project would also create around 31,000 jobs for the area, alongside generating a further £2.8 billion in gross value added.
We will be working with partners in the Western Gateway to maximise the supply chain benefits for the area, building on the success of similar activity for the Hinkley Point C development.
Devon Work Hubs expand with three new locations
In response to an increased demand for flexible working options, the Devon Work Hubs network has expanded with the opening of three new hubs in Great Torrington, Newton Abbot and Teignmouth. The extension of the Tavistock Enterprise Hub is also complete.
The hubs enable freelancers and small businesses to adopt modern working patterns, by providing access to a variety of meeting rooms, hot desks and office spaces.
We are delighted to support the project through our Getting Building Fund, which aims to boost economic growth, and fuel local recovery and jobs.
Last call for foreign-owned business investment
We are inviting foreign-owned companies to apply for the remaining funds in our £900,000 grant scheme to boost business growth and local job opportunities. This is the third and final invitation for businesses to apply for the scheme, which offers 40% match funding.
This funding is part of the European Structural and Investment Funds Growth Programme 2014-2020, and invites foreign-owned companies to invest in the area to boost the region’s economy and create high-value jobs in Devon, Plymouth, Somerset and Torbay.
Digital Jobs Fair tackles recruitment struggles
Part of the government’s Plan For Jobs scheme, Train4Tomorrow, is running a free, virtual Digital Jobs Fair to connect South West employers with local talent.
Over 250 graduates from the Train4Tomorrow bootcamps have been invited to the jobs fair, which will be held online on 16th March. The learners have all recently completed level 3 training in a range of digital areas, including cyber, cloud, programming, and app development. Companies and recruiters are invited to register for a free stall to meet with potential employees.
iAero Centre opens in Somerset
We were delighted to be at the official opening of the new £10m aerospace centre in Somerset. The iAero project, led by Somerset Council, demonstrates the continuing commitment to the aerospace industry and underlines its importance to the economy of Somerset and the South West.
The centre – one of just a handful of aerospace innovation centres nationwide – will be the gateway for the aerospace industry to access small and medium enterprises who are looking to collaborate and innovate on new products at this dynamic and creative hub. We are pleased to have been able to support the iAero Centre with funding from our Growth Deal and Getting Building Fund allocations.
Health Tech Innovation Hub to open in Plymouth
A regional centre of health technology excellence will be developed in Plymouth following a successful bid submitted to the LEP by Plymouth Science Park, in partnership with the University of Plymouth, Plymouth City Council, and Renishaw.
We are delighted to have secured just over £1 million from our Getting Building Fund towards the creation of the facility, which will deliver a regional centre of excellence to incubate health technology businesses and accelerate new health technology developments.
SW Defence Cluster success recognised by MOD
The new Ministry of Defence SME Action Plan has recognised the success of the South West Regional Defence and Security Cluster as an example of collaboration between industry and government to support the UK’s security and prosperity.
The Ministry of Defence (MOD) SME Action Plan sets out how the MOD will improve engagement with small and medium-sized enterprises, recognising the important role that businesses play in the defence sector supply chain, and how they can be supported.
The plan recognises the South West Regional Defence and Security Cluster as a positive example of how businesses and government can collaborate to utilise innovation and technology to strengthen the country’s defence sector.
The South West: a catalyst for clean growth
In our latest blog post, David Ralph, CEO at the HotSW LEP, delves into the South West’s role as the ‘UK’s natural powerhouse’. With world-leading research assets, natural assets, and businesses at the forefront of the response to climate change, find out how the area can become the UK’s greenest region.
