Decision details

This report is seeking approval of a one year, £1.63m budget to fund the delivery and commissioning of economic development activity (employment, skills and enterprise projects).

To approve a revenue budget of £1.63m to fund economic delivery activity from S106 (£1.38m) and SIP (£0.25m) which the Council has already banked.

The borough is well positioned to respond to the economic crisis. The organisation’s Industrial Strategy has put in place the model to work collaboratively with stakeholders to achieve inclusive economic growth across the borough. Building on this collaborative approach, the aim of working as one with stakeholders will be a key component of the organisation’s economic response to Covid19.

During the transition period, the Council will take the opportunity to reimagine the current service to prepare for the Recovery.

Over the coming months there will be a number of priority areas for economic development to focus on:

·       Implementing a new approach to employment support which will move away from a generic job brokerage and enterprise services. The focus of the approach will be to quickly get residents into paid employment.

·       Supporting businesses to get back up and running as soon as social distancing measures permits them to do so.  

·       Maintaining and sustaining local economic growth through an inward investment strategy which continues to attract start-ups, scale-ups and world leading businesses and institutions to the borough.

·       Supporting the areas places (markets, high streets, public squares) to thrive once more bringing consumers back out to spend locally.  

Longer term the organisation’s economic development function will need to help shape the transition and recovery plans for the borough, its residents and business community. This transition and recovery need to ensure that the borough remains on path to a greener and fairer society where both businesses and residents can thrive and prosper.

Option 1 Decommission current service – support would continue to be provided by existing services such as Job Centre Plus (JCP) and the voluntary and community sector (VCS) with enhanced services ceasing.

Option 2 Continue ‘as is’ – current universal employment and enterprise offer would remain in place. This option would not capitalise on the opportunity to enhance our offer, grow opportunities and provide a dedicated offer to our most economically disadvantaged residents.

Option 3 More ambitious, strategic and targeted service – agree a one-year budget to embed a collaborative delivery and commissioning approach that is able to provide a strategic and decisive response to the post Covid19 economic downturn in the coming months and years. The Council will increase activity to help the most vulnerable and support good economic growth outcomes for all residents and businesses in line with current Council priorities. This option would enable us to support the success of the H&F Industrial Strategy and help the borough recover more quickly from the negative impact of the current public health crisis.