Issue - meetings

To be consulted on the Invest Telford Economic Development Strategy.

The Cabinet Member for Place (The Economy & Neighbourhood Services) presented Invest Telford which reported on the Council’s vision for fair and inclusive economic growth.

Exceptional rates of business growth and investment continued to be founded on a commitment to being a business supporting and business winning Council with an increase of 14.9% in the number of businesses in the town. Grant funding of £110m had been used to support businesses creating more than 4,000 new jobs.  Investment into Telford’s connectivity via transport and digital technology played a role in connecting communities and facilitating growth.

The report set out the myriad of challenges that the Council had faced and the continued focus on economic growth and resilience.  Due to significant changes in the UK economy, it was necessary to re-visit the economic strategy the reflect new challenges and embed Telford’s vision up to 2032 which included raising skill levels, connecting local residents to opportunities, affordable energy and infrastructure and ensuring Telford continued to be a draw for new investors.  This would be achieved through tailored business support which included business grants and incentives, skills for growth - job promotion, the Telford Land Deal and Growth Fund, creating new sector investment opportunities, investment into transformational infrastructure and marketing our offer.

Cabinet Members welcomed the report highlighting that key to being a business winning and business supporting Council was tackling inequalities, leading the green economy and creating jobs for the future by having a forward thinking approach.

The Leader of the Liberal Democrat Group welcomed the report and the relationship with Wolverhampton University who had a base in Telford.

The Deputy Leader of the Conservative Group commented on the ambition of the strategy and the success of Telford’s strong economy and looked forward to seeing details of the measurement of success against the strategy.

RESOLVED that:

a)    the contribution that the Council’s approach to business and investment support is having on the local economy, businesses and residents be noted;

b)   the Invest Telford Strategy for Growth 2024 – 2034 as the basis to further the promotion of the Borough for business investment, recognising that the Strategy will be fair and inclusive and aligned with the Council’s broader goals of creating a thriving community with inspiring opportunities for all, be approved;

c)    the establishment of a Telford business leadership forum comprising senior leaders from the private, public and third sectors committed to delivering sustainable growth. Delegates the constitution of the forum to the Director: Housing, Employment and Infrastructure and the Director: Policy and Governance in consultation with the Cabinet Member for Place be approved; and

d)   the creation of an Ambassador programme, open to businesses across all sectors and to key public organisations in order to leverage wider support for the promotion of Telford as a destination for investment, growth and quality of life be approved.