New economic plan for South East Midlands revealed

The government has unveiled a ‘new economic blueprint’ for the South East Midlands region with a series of new local industrial strategies.

The South East Midlands Local Industrial Strategy covers Milton Keynes, Northampton, Bedford, Luton and Aylesbury and has been developed with the South East Midlands Local Enterprise Partnership (SEMLEP), local authorities and business leaders.

According to the government, it will help develop ‘innovative technology locally and transform the best ideas into high-growth businesses, creating new jobs and opportunities in the area’.

The strategy includes a number of commitments, including more investment in the area’s aerospace and advanced engineering sectors.

It also aims to provide an ‘exemplary business environment’, with high-quality commercial premises and support for innovation, trade and investment activity.

The government has also published local industrial strategies for Oxfordshire, Buckinghamshire, and Cambridgeshire.

The Buckinghamshire strategy aims to grow the county’s creative, space, advanced manufacturing and digital health sectors, building on the world-leading assets it already has such as the Westcott Space Cluster and Pinewood Studios.

While the Cambridgeshire and Peterborough strategy will help grow an industrial ecosystem that is globally known for tackling the biggest challenges facing society, with interventions tailored to the needs of each of its sub-economies: Greater Cambridge, Greater Peterborough and The Fens.

And the Oxfordshire plan aims to build on the county’s world leading science and tech clusters to be a pioneer for transformative technologies and sectors, with its overarching ambition for the county to be a top three global innovation ecosystem by 2040.

‘Local industrial strategies are fundamental to our aim of creating prosperous communities across the country,’ said business secretary, Greg Clark.

‘The plans unveiled today will help to deliver real benefits to people while driving investment and supporting businesses to create thriving local economies.’

Housing minister Kit Malthouse added: ‘The four local industrial strategies mark a momentous time for the Oxford-Cambridge Arc and will maximise the undoubted potential of the region.

‘That’s demonstrated by the sheer range of plans covered by the strategies – whether it be developing future generations via a skills apprenticeship hub, improving social mobility, or entertaining film lovers with productions from the world-famous Pinewood Studios.’

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