Issue - meetings

Report of Assistant Director - Growth and Economy

Purpose of report

The purpose of this report is for the Executive to formally support and endorse the Oxfordshire Economic Recovery Plan (ERP).

Recommendations

The meeting is recommended:

1.1       To support and endorse the Oxfordshire Economic Recovery Plan

1.2       To ensure that key elements of the Economic Recovery Plan are incorporated into the emerging Recovery and Prosperity Strategy for Cherwell (formerly the Cherwell Industrial Strategy) and will incorporate key projects such as job fairs as part of a comprehensive response to the District’s economic recovery from the pandemic.

Resolved

(1)          That the Oxfordshire Economic Recovery Plan be supported and endorsed.

(2)          That officers be requested to ensure that key elements of the Economic Recovery Plan are incorporated into the emerging Recovery and Prosperity Strategy for Cherwell (formerly the Cherwell Industrial Strategy) and it be noted it will incorporate key projects such as job fairs as part of a comprehensive response to the District’s economic recovery from the pandemic.

The Assistant Director - Growth and Economy submitted a report for the Executive to formally support and endorse the Oxfordshire Economic Recovery Plan (ERP).

In considering the report, Members requested that an All Member workshop be arranged at the appropriate time to enable Members to have input into the emerging Recovery and Prosperity Strategy for Cherwell.

Resolved

(1)          That the Oxfordshire Economic Recovery Plan be supported and endorsed.

(2)          That officers be requested to ensure that key elements of the Economic Recovery Plan are incorporated into the emerging Recovery and Prosperity Strategy for Cherwell (formerly the Cherwell Industrial Strategy) and it be noted it will incorporate key projects such as job fairs as part of a comprehensive response to the District’s economic recovery from the pandemic.

Reasons

The publication of the Economic Recovery Plan (ERP) is welcomed as a positive response to tackling the serious detrimental impact of COVID-19 on the Oxfordshire economy.

The request to HM Government for £437m is a positive and ambitious one; realistically, the chances of achieving this level of funding are unlikely but even a fraction of this will be a good achievement. The critical thing is how the funding which is attracted is invested. The ERP Action Plan and the Recovery and Prosperity Strategy for Cherwell will set out the various projects and activities required to help deliver economic recovery.

Alternative options

Option 1: To do nothing and not participate in the development of the ERP.  This was rejected because the economic impact of COVID-19 was so great that positive action was needed.it was not realistic

Option 2:  To go it alone – this was rejected because HM Government had asked LEPs to lead on developing Economic Recovery Plans not tier 2 local authorities