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The committee received and considered the report from the Economic Growth Manager.
The Economic Growth Manager presented recommendations to integrate the COVID recovery action plan with the main Economic Growth Action Plan, which underpins the Economic Growth Strategy on the basis that delivering and reporting on those has become inefficient. Firstly, business support including insights from the Economic Reference Group and FutureGY. The Economic Reference Group convenes regularly and includes business support providers and practitioners, as well as representative local businesses. The FutureGY cohort is contacted less-formally by the Council's business advisors on a recurring cycle and includes around 60 key local employment and growth businesses.
The Economic Growth Manager informed members that it is clear from this regular dialogue that, as reported at the previous committee meeting, the supply of appropriately-skilled labour remains a challenge for local businesses, together with increasing concern about the cost of business as a parallel issue to the cost of living. A detailed breakdown of FutureGY dialogue can be found in the form of a dashboard in annex D. There is a general overview of business support provided, or facilitated by the Council which is also underpinned by a dashboard report in the annex E.
The Economic Growth Manager informed the committee that section 2.4 provides members with a detailed update on the Enterprise Hub pilot, which is performing very well against its contracted outputs, members will be provided with outputs as of todays meeting where you will see outputs are considerably higher then previously reported, The Hub has today, received confirmation that they have been short listed as one of the finalists in the awards for shops, businesses and market stalls in Great Yarmouth with steady demand for both events and more-specific one-to-one technical support. There is clearly a need and latent demand for this kind of outreach; visible, accessible and friendly within the Town Centre. This is documented in a full dashboard report in annex E of the report.
The report then provides an update on the UK Shared Prosperity Fund from the Head of Inward Investment, which will resource these kinds of activities to 2025 under the Supporting Local Businesses investment priority. This picks up on the presentation given to previous committee meeting. A summary is also provided in annex G, alongside descriptions of the activities proposed in Paragraph 2.5.13. this is not a huge funding award and it has, very recently, been topped up with £400,000 through the Rural England Prosperity Fund.
The Economic Growth Manager reported that there are high-level updates on third party job and employability support schemes with the three main strategic programmes: –
(i) Future High Streets,
(ii) Town Deal; and
(iii) A recent competitive Levelling Up Fund submission – summarised in Paragraph 3.3.4.
Elsewhere in the annexes, the final position on COVID-related grants and reliefs distributed by the Council is summarised in annex B.
The Council has recently secured support through the LGA’s Economic Growth Advisors Programme, this programme is providing circa £14,000 of support.
The Economic Growth Manager informed members that Cambridge Econometrics will undertake an independent review of the current Economic Growth Strategy to ensure it remains fit for purpose in light of recent economic shocks and challenges, including comparison to best practice. The recommendations arising, will be brought to a future committee, scheduled for the new year.
Councillor A Wright asked for confirmation that major projects, for example, the Wintergardens were on track. The Economic Growth Manager assured members that all project timings were regularly checked against the project schedules by the Project Team.
Councillor Wells referred to page 41 of the report and thanked all the officers concerned in getting the Covid grants out to residents and businesses, a package of Government grants totalling £65m. The Council had been recognised as the best performing Council across Norfolk.
Councillor Wells asked if the Council would be applying for the new Investment Zone funding initiative. The Director of Planning & Growth reported that applications would be submitted and he would report on progress to the committee at future meetings.
Councillor A Wright reiterated the need for skills growth within the borough and that he heard on the grapevine that East Coast College would re-start their catering course which was essential for the town's hospitality sector which had been moved to the Lowestoft Campus. The Economic Growth Manager reported that she was meeting with representatives from East Coast College next week and would ask the question and report back.
The Chairman referred to paragraph 1.6 of the agenda report; the pop-up Barclays Lab at The Hub, and that Barclays had indicated that they could see economic benefits for Great Yarmouth in 2023. The Economic Growth Manager reported that it was essential that resources, such as the Eagle Labs, were pulled into the town.
The Chairman asked that the committee extend an invitation to Barclays to attend a future meeting to give their thoughts on economic opportunities for the town during 2023 and that this be added to the Forward Plan. The Economic Growth Manager agreed to contact Barclays to this effect.
RESOLVED:-
That the Committee:-
(i) Reviewed and commented upon the appended Economic Growth Strategy Delivery Plan update and Recovery Progress Report; and
(ii) Agreed to cease reporting against New Anglia LEP’s Covid-19 Economic Recovery Restart Plan and Great Yarmouth’s Pathway to Recovery normalisation and recovery plan, with relevant items integrated into the main Economic Growth Strategy Delivery Plan in future (please refer to Paragraphs 1.6-1.7).