Introduction David Ralph, HotSW LEP CEO
This month saw the announcement of the Spring Budget, which I was pleased to see included progress on nuclear delivery, a reset of the green agenda, and some reference to clusters. The package to encourage people back into work is welcome, and it was also positive to see incentives to encourage more investment in businesses.
However, much of the support is passing the South West by, often in favour of the North and Midlands; a missed opportunity for our area.
We have called on Government to provide funding to our businesses during the economic downturn, investment to improve connectivity across Devon and Somerset, and support for our workforce’s future skills.
In the Budget, the Chancellor also announced that he was minded to cease Government support for LEPs from April 2024, and we are working closely with Government and the national LEP Network on the implications of this. Government’s initial phase is gathering information from LEPs and other partners, and a decision is expected in the summer.
This month we were delighted to confirm our attendance at UKREiiF in May. We will be bringing together experts from across our patch to discuss the area’s transformational opportunities, strengths and ambitions, giving investors a chance to find out about the region’s unique investment opportunities.
In this month’s newsletter, I’m also pleased to share news about the Great South West, recent growth for Plymouth’s economy, a new digital support service for SMEs, continued support for SWMAS, and much more.
David Ralph
Chief Executive
Showcasing the South West at UKREiiF
Set to take place in Leeds between the 16-18 of May, UKREiiF is designed to attract investment, generate economic growth, and drive a sustainable culture within the property and construction industries.
With local authorities and education bodies from across Devon, Plymouth, Somerset and Torbay, we will be participating in a regional showcase session on Thursday 18 May on The Cinema Stage at UKREiiF, giving investors the chance to find out about investable opportunities in our region.
Plymouth investment drives high value jobs
Plymouth-based companies are attracting millions of pounds of foreign investment, creating and securing quality jobs for the area. The investments have helped secure 1,460 new jobs, with more investments on the horizon.
Statistics collated by the Council’s Economic Development team show that across the last five years, £332m worth of foreign investment – mainly from American parent companies – came to city businesses, across 33 projects
Boosting digital and transport connectivity
We have called on Government to confirm its promises and deliver vital funding for transport and digital projects, to improve the region’s strategic connectivity and boost growth.
The South West is England’s most rural region, often falling behind other areas when it comes to being digital and physically connected. Delivering people and businesses with improved connectivity is fundamental to supporting business growth, collaboration, inclusivity and innovation, and is a key enabler for economic growth.
Government called on to support future skills
We are asking Government to accelerate upskilling the region’s workforce with the skills of the future. Companies across the South West are struggling to recruit in data science, cyber, robotics, machine learning and customer service.
We need the Government to support the area in upskilling the workforce for the jobs of the future, through increased flexibility on the apprenticeship levy, and accelerating the availability of the UK Shared Prosperity Fund for skills support
Supporting our businesses through economic downturn
We urged the Government to commit vital funding to support South West businesses during the economic crisis. We’re pleased that Government has confirmed future funding for the Heart of the South West Growth Hub for 2023/24.
Inflation may be predicted to fall later this year, but businesses still face multiple challenges dealing with higher costs and sourcing the right skills. The Growth Hub provides local businesses with free, impartial, expert advice on grants, cost of living, Brexit, finance, marketing, recruiting, trading, training and more, and has supported over 6,100 businesses to date
City College Plymouth calls for long-term funding to bridge skills gap
The UK economy is likely to miss out on vital growth without a national strategy to address the growing skills gap, says one of the city’s key voices on education.
City College Plymouth says the UK is facing a myriad of challenges, from rising levels of regional and social inequalities to a major skills shortage that is already being felt by almost three-quarters of businesses according to a joint report from the Open University and British Chambers of Commerce.
Online directory supports Exmoor businesses
An online directory of businesses operating in and around Exmoor National Park was launched as part of the Rural Enterprise Exmoor initiative, which seeks to retain greater community wealth in the area.
The site already has over 200 listings, with other businesses from all sectors urged to sign-up for free. Spotlight on Digital Tech. Free event with guest speakers inc. Kate Doodson from Cosmic talking about ‘Digital Trends for 2023 and beyond’.
Digital support for SMEs
The Heart of the South West Growth Hub‘s new digital support service connects you to the support you need to help take your business digital.
The service offers a range of free digital guides, resources and tools so you can benefit from the digital transformation.
Get in touch with the Growth Hub team to receive their free digital guides, and find out more about their digital support service.
South West Agri-Tech Showcase
South West Agri-tech is holding a conference at Exeter Racecourse on 20th April. It will feature a range of outdoor robotic and drone demonstrations, an indoor market place with dedicated networking time, and high profile speakers.
The event will help profile some of the exciting research, development and commercially available technology in the region.
Service to unlock investment in the South West nuclear industry to continue
A bespoke service that supports nuclear inward investment into Somerset and Bristol is set to continue for a further year. Bridgwater-based SWMAS Ltd has been awarded the contract, following a competitive tender process.
This next phase will build on the success of the previous six-year contract. Not only does this help the growth of new businesses landing in the region, the service also promotes the area’s stature as a primary nuclear power hub, delivering on the Government’s drive to reach Net Zero by 2050.
Leonardo hosts Advanced Manufacturing Research Centre
We were delighted to support Leonardo Helicopters in Yeovil, to host a team from the University of Sheffield Advanced Manufacturing Research Centre (AMRC).
The AMRC explored they and Leonardo could work together in the future on manufacturing-related technologies.
Development starts at Lymington Road Coach Station start this month
Works at Lymington Road Coach Station are set to start in the coming weeks, after the demolition of the old buildings and ground works were completed at the end of 2022. The project is part of wider plans to improve transport infrastructure in Torbay.
Funded from Torbay Council’s Growth Fund, alongside funding awarded by the Heart of the South West LEP’s Getting Building Fund, the development will provide space for small businesses, with improvements also being made to the public space.
Vision for ‘blue and green’ Great South West shared at Somerset event
The ambitious vision for the Great South West has been set out at a key event in Somerset.
Representatives from business, education and local Government gathered in Taunton for the first in a series of regional launches.
The Great South West is a Pan-Regional Partnership covering the counties of Cornwall, Devon, Dorset and Somerset. It aims to promote the region’s ‘blue and green’ assets, as part of its ambition to become the ‘UK’s Natural Powerhouse’, and the first region to become net zero.
Spring Budget: passing the South West by?
This month, read our CEO David Ralph’s article in response to the Spring Budget for insights into how it will impact the Heart of the South West: “Times are challenging right now. Business confidence is not great, and although it seems we will avoid a technical recession, the economy is flatlining at best.”
“The Government has little wriggle room to unleash significant impetus to promote growth, specifically clean and inclusive growth. To drive up productivity, and therefore prosperity, we need Government to be taking strong action.”
