The Cabinet considered a report of the Executive Director (Environment & Place) that sought approval of the principle of preparing an up-to-date Economic Growth Strategy, the likely timescales for creating it and proposed elements of the structure of the strategy.

Resolved:-

1. That the development of an Economic Growth Strategy be approved.

2. That councillors and wider stakeholders be engaged during the process and that a draft Economic Growth Strategy be presented to Cabinet for adoption in due course.

Reasons for Decisions

Supporting economic growth in the city is key to achieving a wide range of the council’s objectives, as recognised in its current body of strategies. Delivering this through the development of an overarching, up to date strategy which can adapt to changing economic contexts is an effective way of progressing this both in terms of delivering positive outcomes and making best use of resources.

Appropriate engagement with stakeholders at an early stage is key to informing the development of a strategy which addresses the relevant issues, maximises the benefits presented by opportunities and is deliverable.

Other Options

The Council could choose to not develop an Economic Growth Strategy (there is no statutory requirement). However, it is considered that supporting economic growth in its widest sense is a key priority for the Council, as reflected in the Corporate Plan and the Council’s wider suite of strategies.

Note: This is an Executive function

Not eligible for call-in as the matter has been the subject of pre-Cabinet scrutiny by the Place Scrutiny Committee.

Cabinet Member: Cllr Nelson