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Robert Hetherington. Economic Development Manager Oxford City Council. A Strategic Approach to Economic Growth in the City. Clear strategic focus for growth: Oxford Economic Growth Strategy City Deal Strategic Economic Plan European Investment Strategy
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Robert Hetherington Economic Development Manager Oxford City Council
A Strategic Approach to Economic Growth in the City Clear strategic focus for growth: • Oxford Economic Growth Strategy • City Deal • Strategic Economic Plan • European Investment Strategy Focused on enterprise, skills, connectivity and place shaping.
Oxford: • is a national economic asset • is the engine of the Oxfordshire economy - provides about 1/3 of the county’s jobs; half of those who work in city live elsewhere • offers a very diverse, knowledge based economy which is riding the worst of recession - but no room for complacency • is one of the county’s growth areas alongside Bicester and Science Vale Oxford’s future economic prosperity • must build from Oxford’s assets and addressing known barriers to growth The Oxford Economy - a well known narrative….
Summary of City Deal Approach Deal approach Necessary Infrastructure “creating an accessible workforce” Housing
Context of Oxford Area • The focus on innovation is dependent on the supporting infrastructure being in place, through skills, transport and housing • Our central Location, with transport links to London, Heathrow, and the Midlands, as well as the South Coast and West Country. However, we are aware that these links need to be better to bring in further business and sustain it. • The Innovation Arc runs from Science Vale in the south, through Oxford, to the development area of Bicester in the north. • It is serviced by rail, and links the motorway system as well as the developing London Oxford Airport
City Deal Proposition • Oxford and Oxfordshire has the greatest potential of any location in the UK to deliver world leading technology and business innovation. • We intend to establish in partnership with government, universities and private sector business a “Knowledge Economy Spine” • Oxfordshire’s GVA per capita has tracked the UK average (1980‐2006) despite our latent potential, and we believe that we can accelerate that growth • Prioritised our key innovation projects, as our City Deal Programme, with key infrastructure needed to deliver them. Our wider ambition will be delivered through the Local Growth Deal • Without this investment the potential of the city region to drive significant and sustainable growth of the UK economy will be lost to global rivals. The City Deal programme • £2,179.4m investment programme • £1,341.6m private sector investment • £641.8m public sector investment • Accelerated housing growth with up to 1,095 additional houses within the City. • Net ongoing Jobs 19,055 • Average GVA per job £40,000 • Gross GVA £845.6 m • Net Ask £196.0m • Ratio £1 Ask: £2.54 GVA • Capex per job £103,096 Our Total programme for Growth • £4.23bn investment programme • £2.82bn private sector investment • £1.02bn public sector investment • Accelerated housing growth • Net ongoing Jobs 95,584 • Average GVA per job £40,000 • Gross GVA £3,752m • Net Ask £389.7m • Ratio £1 Ask: £4.52 GVA • Capex per job £64,821
What will be Delivered • new innovation and incubation centres : • The Harwell Innovation Hub: focused on open innovation; • The UKAEA Culham Advanced Manufacturing Hub: focused on remote handling technologies; • The Oxford BioEscalator: focused on the life sciences sector; • The Begbroke Innovation Accelerator: focused on advanced engineering sectors. • Science Transit Scheme • Road Improvements • A40 /A44 link • Improved access to Harwell
Oxford Economic Growth Strategy - Oxford … …is the UK’s most prosperous, resilient, diverse, globally competitive knowledge-based economy …is a world leader in research, development and innovation driven by two universities, multi-national companies, and a wide range of small companies …seeks and welcomes global investors and businesses serving global markets …enables and supports growth of new start-up/spin-out ventures; …is Oxfordshire’s primary retail centre and a strong international tourist destination; …ensures that young people gain the skills needed access to jobs in the city through their enrolment in the City’s high performing schools; …offers a readily available supply of affordable homes for sale, and for rent ..is demonstrating, in practice, how best to promote economic growth and establish Oxford as a truly sustainable City.
Key sector strengths • Automotive industry • Centre of motorsport valley, strong exporter, 4,871 jobs • Publishing • 100 businesses and 3,500 jobs • Tourism • 6th most visited city, 9.5m visitors and £770m income • Retail • Employ 8,000 and support tourism offer • Creative and cultural industries • Underpinned by theatres, museums and vibrant music scene • Professional services • Employ 10,200 and support local business base
Barriers to growth • 7.4% workforce hold no qualifications – higher than Oxfordshire (6.6%) and South East (6.9%); • educational attainment at all ages in state schools are below regional and national averages; • housing is the “most unaffordable” location outside parts of London; this seriously hinders recruitment; median price of £290,000 higher than County or region; median price to wages higher; private rents are higher; • severe congestion, particularly on the A34 and A40, weakens Oxford’s competitive advantage; • notwithstanding a strong commitment to sustainable development, the supply of employment land in or adjacent to the city is limited.
Economic Growth Strategy - Strategic priorities • Expand knowledge economy • Support growth of existing companies • Ensure an ample supply of employment land • Strengthen city centre retail offer • Increase value of Oxford’s tourism to the region 6. Strengthen skills and educational attainment 7. Increase the supply of housing 8. Secure investment in broadband 9. Address environmental challenges from growth 10. Invest in transport 11. Create single delivery team
Immediate Opportunities • Superfast broadband • Vouchers for business • Free wifi in public places
PROPOSED EU GROWTH PROGRAMME 2014-2020 KEY FEATURES • A new single “EU Growth Programme” to be financed by ERDF and ESF with a contribution from EAFRD, rationalised from 12 separate ones for 2007-13 • LEPs to be the fundamental building blocks receiving a 7 year notional allocation – giving certainty in an uncertain world. • Less than 5% „top slicing‟ for national programmes – compared to over 50% in current programmes. • Significant shift away in decision-making powers from Whitehall to local level -new responsibilities for LEPs (including a broader partnership) • Funds to be more integrated, transparent and streamlined under one programme (Managing Authorities (ie DCLG / DWP / DEFRA) will “hide the wiring” from LEPs and end beneficiaries as far as possible to reduce administrative burdens) • LEPs to identify their preferred EU fund investment strategy as part of their wider growth strategy, for agreement by the national Growth Programme Board (responsible for overall programme governance).
Purpose of Structural Funds • European Structural and Investment Funds are designed to improve economic growth and social wellbeing. • All Member States receive some form of assistance. • The Structural Funds (ERDF and ESF) cover a wide range of activities, all designed to improve economic competitiveness and employment.
Role of Local Enterprise Partnerships in EUSIF • The LEP has three key roles in this work • Lead the development of an European Structural and Investment Funds Strategy, • Consult and engage all interested parties, including rural interest. • Develop a pipeline of compliant projects which deliver the strategy from late 2014 onwards.
A Strategy for Economic Growth “By 2030 Oxfordshire will be recognised as a vibrant, sustainable, inclusive, world leading economy, driven by innovation, enterprise and research excellence.”
Oxfordshire Growth Deal • Headington Eastern Arc transport improvements • Oxford flood defence scheme • Oxford University Centre for Superconductivity • Cycle tracks in Science Vale • Oxford Centre for Technology (Oxford City College Blackbird leys Campus) • Abingdon College New building • Didcot Rail Station Car Park • Bicester London Road Level Crossing • Package worth £108m to 2021 • £16m in 2015/16
Bioescalotor ORC: Old Road Campus JR: John Radcliffe CH: Churchill NOC: Nuffield Orthopaedic Centre WF: Warneford
Translate science into business • Launch pad for sustainable new companies • Centre for industrial collaboration • Located on university / hospital site • Advice and support as well as facilities • Drug Discovery, MedTech, Diagnostics, TeleHealth, Data Analyses ++
Strategy for the Eastern Arc • Delivering a form of high quality “rapid transit” public transport (which could be high quality conventional bus, light rail or guided trolleybus), serving park and ride sites and major employment and housing areas in the Eastern Arc; • Working with employers to develop travel plans and reduce the availability of car parking for staff; • Improving the reliability of local bus services, and improving cycling links, to encourage mode switch away from car travel for shorter journeys; • Investigating how bus interchange can be improved • Tackling congestion at key junctions on the ring road.
