AGREED that Cabinet note and support the updates provided, the progress achieved and the direction of travel for 2023 in delivering the Economic Growth Strategy for the District’s businesses and residents.
The Portfolio Holder for Economic Development & Visitors presented a report which updated Members on the progress of the interventions and activities identified in the Economic Growth Strategy 2021-2026. The second annual review of the Strategy provided an opportunity to reflect on the five priorities set given the changes and factors affecting the national and local economy. Two of the five priorities were recommended for change as follows:-
Priority One - A focus on infrastructure and accessibility to areas across the District with poorest connectivity and or potential for impactful growth with the local economy; and
Priority Five - A prioritisation of work activity initially on Newark, Ollerton & Edwinstowe in 2023 for the district with a focus on key areas of deprivation.
These changes followed the resident survey and consultation on the Sherwood LUF bid where access and infrastructure were identified as poor and town centre regeneration was seen as a priority.
AGREED (unanimously) that Cabinet note and support the updates provided, the progress achieved and the direction of travel for 2023 in delivering the Economic Growth Strategy for the District’s Businesses and Residents.
Reason for Decision
The delivery of economic growth is a central priority in the Newark & Sherwood Community Plan. To ensure the delivery of the Community Plan and Economic Growth Strategy, it is key an action plan on ‘how’ the Council seeks to implement the Strategies created, structured, delivered, and monitored and evaluated.
The Council has a number of options for delivery of economic growth, these include:
1) Not undertaking a local economic growth strategy; this has been discounted as NSDC has identified the need to support the economy through the resident survey and Community Plan.
2) To provide a reduced, modified or outsourced service for economic growth; This has been discounted as the level of investment is yielding results and comparably more successful to other local authorities in delivering projects and activities, securing external funding, and having a positive impact on the local business community.