Local Industrial Strategy for Buckinghamshire – launched
A new economic strategy for Buckinghamshire, designed to boost productivity and grow the area’s creative, space, advanced manufacturing and digital health capability on the world stage, has been launched today (19 July).
Click here to access the full strategy.
Developed in collaboration through the Buckinghamshire LEP business team and government, the Buckinghamshire Local Industrial Strategy sets out how the area will deliver the national Industrial Strategy’s aim to raise productivity levels and to create high-quality, well paid jobs.
“Buckinghamshire is already the fourth most productive area in England and has the highest employment rate in the Oxford-Cambridge Arc area, and the strategy released today will go even further to help boost earning power and opportunities for people and businesses in Buckinghamshire and across the Arc.”
Business Secretary Greg Clark.
The Buckinghamshire Local Industrial Strategy builds on its four big economic assets in the space, creative, advanced engineering and digital health sectors.
- a long-term investment plan for Westcott Space Clusterto develop new research and development facilities and a base manufacturing excellence in space propulsion and in-orbit maintenance, and to address skills shortages for technicians and propulsion test specialists
- a new Screen Industries Global Growth Hub at Pinewood Studios to provide support to creative businesses
- using Silverstone Park and technology cluster to stimulate high tech cross-overs, supporting emerging technologies through improving links between firms, improving links between businesses and universities, and improving networking across the Oxford-Cambridge Arc
- digital health, med-tech and advanced artificial intelligence– building on assets including Stoke Mandeville Spinal Centre, Buckinghamshire Life Sciences Innovation Centre.
Developing a Local Industrial Strategy for Buckinghamshire
Buckinghamshire LEP has developed one of the country’s first Local Industrial Strategies. One of a family of strategies covering the Oxford – Cambridge Arc, the Buckinghamshire Local Industrial Strategy (LIS) sets out a programme of activity to ensure that the county’s economic assets contribute more to the national and local economies.
What is a Local Industrial Strategy?
The Buckinghamshire Local Industrial Strategy focuses on how to strengthen and exploit the country’s most important economic assets, assets that are distinctive to Buckinghamshire and are significant nationally and internationally.
The Buckinghamshire LIS, in effect, forms a local chapter of the Government’s national industrial strategy, including its focus on four grand challenges facing the UK: artificial intelligence and the data economy; clean growth; the future of mobility; and the ageing society. The Local Industrial Strategy will also exploit Buckinghamshire’s location at the centre of the Oxford – Cambridge Arc.
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The National Strategy
The government’s ambitious, modern Industrial Strategy sets out a long term plan to boost the productivity and earning power of people throughout the UK, setting out how we are building a Britain fit for the future.
The UK has significant economic strengths on which we can build, but we need to do more to increase our productivity and make the most of our untapped potential right across the country.
The government, backed by Local Enterprise Partnerships (LEPs), will boost productivity and earning power across the country by focusing on the five foundations of productivity: Ideas, People, Infrastructure, Business Environment and Places.
To view summary of the key points of the Industrial Strategy click here
Oxford-Cambridge Arc Economic Vision
The Oxford -Cambridge Arc is seen as one of the greatest untapped economic corridors in the UK and has been identified by Government as a key strategic priority for growth, development and investment.
Analysis prepared for the National Infrastructure Commission suggested that trend-based growth, reflecting established patterns of spatial development, could see the number of jobs across the Oxford – Cambridge Arc increase by 335,000 to 2050, increasing economic output by some £85bn. It also suggests that more transformational growth is possible. In a scenario where the Arc’s housing needs are better met and in which east-west links succeed in bringing distinct sub regional economies closer together – the area could support a further 700,000 jobs by 2050, increasing GVA by £163bn.
The Government has invited the three Local Enterprise Partnerships of OxLEP, SEMLEP and BLEP which over the corridor, together with the Mayoral Combined Authority for Cambridgeshire & Peterborough, to work together to develop a shared economic vision.
Our aim is to create a shared long term economic vision and Strategic Investment Plan for the Oxford – Cambridge Arc to 2050, to guide policy and investment decisions by partners in response to the Industrial Strategy White Paper, building on the emerging Local Industrial Strategies, existing Strategic Economic Plans & growth, infrastructure and skills strategies, which focus upon the potential of place and are supported by robust evidence and economic intelligence.