Press release from Surrey Economic Partnership
For Immediate release
A Vision for Surrey as a Powerhouse Economy
A New Business Plan for Surrey
An unprecedented gathering of over 150 senior business leaders together with decision makers from the public and third sectors took the first steps to agreeing a vision for the future of the county at a special summit (May 26) organised by Surrey Economic Partnership and sponsored by Surrey County Council.
The event held at Mercedes Benz World at Brooklands successfully engaged the private sector in a commitment to develop a New Business Plan for Surrey, which will focus on the markets, technology, skills and infrastructure investments that will be required to maintain, develop and enhance the strength of the county’s economy into the future.
Surrey is recognised as a powerhouse of the British economy and provides the largest net contribution to the UK Government after London - some £5 billion a year. However, the county is undoubtedly suffering from the effects of the recession, lack of infrastructural investment and from increasing competition from other high performing regions outside the UK.
The business focused event also validated work being undertaken for Surrey County Council’s Local Economic Assessment (LEA), which is an essential precursor to the New Business Plan. The LEA will outline the strategic direction for economic development in the county and set out the business case for investment in the local economy. The LEA looks at Surrey’s economic conditions, economic geography and the broad economic, social and environmental factors that impact on growth.
Delegates at the event were shown key facts about the county and several economic modelling scenarios around future trends They were then asked to consider whether Surrey would continue to be a good place for their organisation to do business and what would they want to see happen in the future to promote economic growth.
Chairman of Surrey Economic Partnership, Rosco Paterson, graphically demonstrated to delegates that complacency was not an option. “We are facing post-apocalyptic misery if we get the business plan wrong or world class nirvana if we get it right. Input from business is vital. We need to bring forward more innovative and creative solutions, promote the importance of economic development in Surrey and ensure that we increase our world ranking as the preferred place to live, work and locate business. The private, public and the third sectors must collectively take our case to government for a greater level of investment in Surrey's economy and infrastructure. Investing in Surrey’s continued success will provide a substantial payback for the UK economy as a whole.”
Dr Andrew Povey, leader of Surrey County Council said, “We see smart economic growth as the key to improving our global economic competitiveness. We need to ensure that Surrey has an appropriately skilled workforce and the infrastructure needed both to attract more businesses to Surrey and to provide even more support to those already here.
“If Surrey is to continue to be a powerhouse economy of the UK we must create a vision for economic growth shared by all. It is essential that the public, private and voluntary sectors work closely together to achieve this. At Surrey County Council, we stand ready to play our part.”
Feedback from the event is now being used to refine the LEA and to inform the next steps for development of the New Business Plan for Surrey. Surrey Economic Partnership will continue to consult with business, public and third sector organisations in order to maintain commitment to the plan as it develops and to ensure effective plan implementation.
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For further information please contact Peter Gordon:
Tel: 07770 271055 or email: peter.gordon@pdg1.co.uk
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NOTES FOR EDITORS:
Surrey Economic Partnership
Surrey Economic Partnership (SEP) is a network of senior decision makers from the private, public and voluntary sectors who are keen to have a better understanding of the key challenges facing the Surrey economy and act on them by promoting the strengths of the economy and realising its potential.
The Surrey economy has a history of success but under ever increasing pressures, needs government to invest in its infrastructure, skills and commercial development to ensure Surrey becomes more globally competitive and productive. In return Surrey will make an even greater contribution to the UK plc. Without investment, Surrey and the UK as a whole will suffer.
SEP is led by business, the wealth creators, and we believe that their views should be heard alongside those of the public and voluntary sector. SEP has been established for over twelve years and through it we encourage a greater mutual understanding between the three sectors, bring forward more innovative and creative solutions, promote the importance of economic development to the public in Surrey and collectively take our case to government for a greater level of investment in Surrey’s economy and infrastructure.
Local Economic Assessment
Surrey County Council has a duty to prepare a Local Economic Assessment (LEA) and this is underway. The LEA will provide the essential foundation for a new Business Plan for Surrey and is an opportunity for Surrey County Council to outline the strategic direction for economic development in the county and set out the business case for investment in the local economy. The LEA will be forward looking and will provide a narrative on Surrey’s economic conditions, economic geography and the broad economic, social and environmental factors that impact on growth. It will also include some modelling of future economic scenarios. Business input is clearly essential.
The assessment will underpin the council’s priority to maintain economic success, and will help ensure that the council is better able to respond to future economic challenges.
Surrey’s LEA will also explore the linkages between economic growth and wider social and environmental issues that impact on quality of life, including health, worklessness, child poverty and crime, and consider how sport and cultural facilities, broadband provision and the quality of place affect the economy.
A significant amount of work is being undertaken to gather evidence. Much of the information exists already, but it is held by numerous organisations nationally, regionally, sub-regionally and locally. Although the LEA is not just a data collection exercise, a key function of the assessment will be to bring the information together with a supporting narrative.
Surrey Economic Partnership is undertaking Surrey’s LEA in conjunction with the county council. There are several advantages to this approach, not least the Partnership’s clear ability to draw on the expertise of its partners across all sectors.
New Business Plan for Surrey
Development of a new Business Plan for Surrey is being pursued together with businesses under the auspices of SEP with the endorsement of the partner organisations, including Surrey County Council and the 11 District and Borough Councils. Establishing the needs of Surrey businesses, large and small, and pushing government at all levels to get things moving in the right direction is vital at this very critical time for the economy. Public and private sectors need to work closely together to this end.
We are seeking to establish with government the principle of reinvesting in success and retaining a modest part of the value created by Surrey, so securing the health of the county as a world class place to live, work and locate businesses, and thus generating future growth. Developing the Plan will mean carefully establishing, for example, which market, technology, skills, and infrastructure investments are required and at what levels – perhaps at levels never contemplated before. To do this will require a thorough examination of the needs of businesses and where they see their futures into the next decade. It requires being specific and detailed about the resources needed in Surrey to do the job and where those resources should be targeted.