Issue - meetings

To receive an update on the progress made with the delivery of the Council’s Economic Development Strategy.

The Cabinet Member: The Economy & Transport presented the Economic Development Strategy Update which highlighted the activity and progress of inward investment and business support in the delivery of the council’s economic development strategy following its launch in 2024.  Significant progress had been made during the last two years attracting inward investment and promoting the borough as a great place to live, work and study.  Work had continued to support businesses through the delivery of the UK Shared Prosperity Fund (UKSPF) Thrive Telford programme and the launch of the Invest Telford Partnership.  Greater emphasis had been placed on strategic collaboration and deepening activity with local skills providers to increase the talent pipeline and give opportunities for local people to go far but stay near and to support residents into good quality employment as well as investing in our high streets.

The report highlighted the council’s strong track record of investment and it being a regional leader in productivity growth and this had been reflected by the real-life examples of businesses who recognised the value of the Invest Telford teams.  Engagement had taken place with over 300 local businesses during the last year including start-ups, SMEs, scale ups and strategic employers across key sectors such as manufacturing, professional services, digital and low carbon providers.  A further key sector of the council’s economy was defence with its historic specialisms as well as its national priority. The borough had a longstanding defence manufacturing and engineering heritage which was underpinned by major operation and industrial assets such as MOD Donnington.  In May 2025, Rheinmetall had announced that Telford was the new location for its calibre barrel production facility and was a landmark in inward investment for the borough creating more than 400 jobs for local people and injecting £400m into the UK economy over the next decade.

The West Midlands Combined Authority was working to develop a West Midlands Defence and Security Cluster with the Invest Telford team being actively involved.  Through this work almost 2,500 jobs had been created together with within £4.5 million pounds in business rates which had been reinvested into frontline services with a commitment to keep council tax the lowest in the Midlands.

In conclusion, Councillor Vickers expressed that the UKSPF programme had played a big part in driving economic growth across the borough and rather than operating as a standalone funding pot, UKSPF has been fully integrated into the wider economic development approach supporting business growth, innovation, skills development and productivity with 77 projects  having been contracted through the SME grant and innovation programme representing a total value of £575,000.  Of this, £375,000 have been provided through UKSPF grant funding with the remaining £200,000 secured through private sector investment.  This level of match funding demonstrated business confidence together with programs ability to stimulate additional economic activity. He thanked the local business community for their continued innovation, drive and commitment, as well as the officers at the council who were essential to delivering sustainable economic growth across Telford and Wrekin.  ...  view the full minutes text for item 57