Agenda item

Economic Development Strategy 2023-2040

Decision:

(1) To recommend that the Council adopts the Economic Development Strategy 2023-2040 and the supporting evidence base, attached as Appendices 1 and 3 respectively to the report submitted to the Executive.

(2) That the draft Economic Development Action Plan, attached as Appendix 2 to the report, which will be subject to further consultation with strategic partners, be noted.

Reasons:

To support the reinvigoration of Guildford’s economy, the new Economic Development Strategy and Action Plan:

· Sets out the case for action in light of changes to the international, national and regional economic landscape.

· Gives an updated analysis of Guildford’s strengths, weaknesses, opportunities and threats.

· Identifies key strengths and opportunities to for the Council and its partners to harness, such as sector specialisms and economic assets (e.g. commercial spaces).

· Highlights the importance of mitigating the environmental impact of economic activity to reflect climate change and sustainability issues.

· Identifies the levers that the Council can utilise to address priorityinterventions that can help deliver significant positive impact for our economy.

Other options considered and rejected by the Executive:

None.

Details of any conflict of interest declared by the Leader or lead councillors and any dispensation granted:

None.

Minutes:

The Lead Councillor for Customer and Commercial Services introduced the report to the Executive that, in line with the Council’s Corporate Plan 2021 - 2025, presented a new Economic Development Strategy and accompanying draft action plan for the period up to 2040, outlining a renewed vision and priorities to support the local economy. If adopted, the strategy would replace those economic strategies that had now reached their expiration.

Guildford was a well located and well connected borough with strong economic foundations, but like elsewhere had experienced major economic shocks from the COVID-19 pandemic, Brexit and the cost-of-living crisis. Now, a reassessment of Guildford’s challenges, opportunities and priorities was required. The council needed to respond and to set out a refreshed strategy and action plan to reinvigorate Guildford’s economy and ensure it is a place where businesses and residents could continue to thrive.

It was noted that Guildford’s residents were highly skilled and largely of working age. The borough was home to strong clusters such as the visitor economy and the gaming industry along with an entrepreneurial rural economy. However, to retain it’s place regionally and nationally the new strategy was required to better adapt to current challenges with an action plan that acknowledged current circumstances. The draft strategy proposed a strong partnership approach seeing the council working alongside key stakeholders. Consequently, the action plan would be subject to further consultation with these groups and achieve a commitment to co-delivery

The council had tasked Avison Young consultants to draw up the evidence base and the draft strategy and action plan. There had been extensive research and consultation undertaken to produce a new vision which was to re-establish Guildford at the heart of Surrey’s economy.

From the research data it was noted that 70% of Guildford’s residents were described as skilled workers. Consequently, there was a lack of non-skilled workers who were needed to support the economy. This was directly linked to the affordability and availability of housing in the borough. The council was progressing the Weyside Urban Village scheme and 40% of the new housing would be affordable contributing towards this deficit. Scarcity of land to develop in the borough was mentioned as compounding factor. It was noted that Surrey County Council had recently published a strategy aimed at engaging all tiers of local government to work together to address the issue and to release land.

The quality and suitability of commercial space available was highlighted, noting that Government had restricted the capacity for the council to invest in such stock which was a problem.

Some 40% of the town centre retail units were housing national chains which had been challenged in the strategy as lacking economic diversity. However, it was argued that retail chains could be more financially viable than independents.

The medium to long term issues set out in the report could be addressed the ‘Shaping Guildford’s Future’ programme being progressed by the council in terms of delivering more affordable homes, employment opportunities and making the town generally more economically attractive. The short issues were acknowledged as being difficult to address for the council due to budgetary and staffing constraints.

Proposed new stations at Guildford West and Guildford East were mentioned in the draft strategy. Whilst it was noted that there was no budget allocated to Guildford East, the Executive did have a budget allocated to Guildford West. Any progress would be subject to discussion with key partners, Surrey County Council and Network Rail. Although the council was supportive of sustainable transport options, there was currently no urgency to progress such a discussion for these proposed stations.

Summing up the Chairman acknowledged the key challenges set out in an articulately written strategy and action plan and the hard work required over the coming 10-15 years to achieve the goals. The Executive was content to recommend the Economic Development Strategy 2023-2040 and the supporting evidence base and action plan to full Council for adotion. Executive,

RESOLVED: