Economic strategy for norfolk & suffolk

The Economic Strategy for Norfolk and Suffolk is a shared endeavour between businesses, education providers, local councils, the voluntary and community sector and is led by New Anglia LEP. It outlines ambitious plans for future growth across Norfolk and Suffolk

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Our vision for Norfolk and Suffolk:

Icon 140,000 new homes
Icon 88,000 net new jobs
Icon £39 GVA per hour
Icon 30,000 new businesses
Icon £200 per week median wage increase

Bringing together public and private sector partners, it focuses on the actions which need to be taken in the coming years to help secure long term success.

We want Norfolk and Suffolk to be:

– The place where high growth businesses with aspirations choose to be

– An international facing economy with high value exports

– A high performing, productive economy

– A well-connected place

– An inclusive economy with a highly skilled workforce

– A centre for the UK’s clean energy sector

 – A place with a clear, ambitious offer to the world

We are delivering these ambitions through actions and investment in priority places and themes.

Our priority places are the areas where the evidence shows there are significant opportunities and commitment for continued growth:

– Ipswich

– Norwich and Greater Norwich

– The Norfolk and Suffolk Energy Coast, including Bacton, Great Yarmouth, Lowestoft and Sizewell, with assets on and offshore

– The Cambridge – Norwich corridor

– The East/West corridors along the A47 from Lowestoft to King’s Lynn and the A14 Felixstowe through Ipswich, Stowmarket, Bury St Edmunds, Newmarket and Haverhill to Cambridge

– King’s Lynn and the A10 and rail corridor to Cambridge

Our priority themes are those economy wide opportunities where the evidence shows that investment and action will have the greatest impact on our ambitions and how we will deliver growth in all places across Norfolk and Suffolk.

The strategy identifies nine key sectors for our area. You can find out more about them on our Sectors page.

The strategy is based on a comprehensive, shared evidence base.

The Norfolk and Suffolk Economic Strategy is based on our 2014 Strategic Economic Plan.

To find out more about the strategy, email [email protected]

Developing the Investment Plan

The next step in driving effective delivery of the Economic Strategy and the Local Industrial Strategy is to develop an overarching Investment Plan. The Investment Plan will capture the interventions that will deliver the ambitions and goals in the Economic Strategy and Local Industrial Strategy – projects, programmes and initiatives – which require funding. 

The purpose of the Investment Plan is to enable the LEP and partners to be in a positive position to secure future funding when opportunities arise. It will enable us to be proactive in seeking funding and will ensure investment is made in interventions that will deliver the desired impact rather than funding projects just because they are ‘shovel ready’. 

           If you have an intervention which you would like to be considered to be included in the Investment Plan, please read the guidance                                                note.  You can download an Expression of Interest form here

The Investment Plan will be a living document, this is the start of a new way of working. To develop the initial Investment Plan we are looking for partners and groups to consider interventions over the coming months and as and when new ideas are developed submit an EoI to the LEP for inclusion.

Due to current circumstances, we have extended the deadline for submission of Expressions of Interest until further notice and are reviewing all those Expressions of Interest submitted, as and when resources allow.

Read about our local Industrial Strategy here

Economic Evidence Workbooks

Evidence Workbooks have been produced to provide a comprehensive, single point of access source for data in our area. Data has been calculated for the UK, East of England, New Anglia, Norfolk, Suffolk, Districts/ Boroughs and the Economic Strategy Priority Places.  The workbooks cover subjects including housing, infrastructure, demography, skills and employment. They can be downloaded here.

Inclusive Growth Toolkit
Metro Dynamics has developed an Inclusive Growth Toolkit to help places make informed investment decisions. This is an important step towards allowing places to assess the inclusive growth outcomes of interventions or investments, placing exclusivity at the heart of decision-making. The work is an open source contribution freely available to view and use.

Inclusive Growth is becoming an increasingly important issue in the UK. There has been a growing feeling in the country that economic growth does not benefit all places or groups equally. We believe that if future economic growth is to become more inclusive, robust and logical thinking is required.

The toolkit’s aim is to help establish a simple methodology to allow places to do this. The Toolkit can help Local Authorities, Combined Authorities, and Local Enterprise Partnerships determine whether and how an investment or intervention supports inclusive growth. This will enable decision makers to have a clearer understanding of the likely impact of particular investments on people who have been least likely to benefit from growth in the past.

This work was supported by the Joseph Rowntree Foundation, alongside Sheffield City Region and Cardiff City Council, who have helped develop the model. We are also grateful for the support we received from representatives of Greater Manchester and West Yorkshire Combined Authorities, along with D2N2 LEP, New Economy and Cardiff and Sheffield City Regions.

As it stands, the guidance in the document is broadly ready to use, though there may be some local research needed to allow the impact measures to be sufficiently tailored to local economic and labour market conditions.