Agenda item

The Council is in the process of preparing a Borough-wide Economic Development Strategy.  This report serves as precursor to the more detailed Draft Strategy, providing Members with an overview of the project and the key interventions and outcomes that are likely to be included as part of the Strategy

The Committee received a report which provided an overview of the development of a draft Economic Development Strategy.

A schedule of possible interventions was set out in the Annexe to the report.  It identified the nature of the intervention and the outcomes that would be necessary to secure delivery.  The proposed interventions covered the following:

·         Securing essential enabling infrastructure, specifically in support for both the Plan E highway improvements and Kiln Lane link road, which were key programmes required to support future economic development in the Borough.  The intervention also included the promotion of the inclusion of Epsom within Zone 6 of the Oyster Zone – thereby making Epsom a more affordable and attractive business location;

·         Safeguarding and widening the choice of commercial property in the Borough to provide existing businesses with the opportunities to grow and expand, that new businesses had space to start-up and that there was accommodation for established businesses seeking to move into the area;

·         Retaining existing and attracting new business investment by ensuring that there was local engagement with employers, understanding and supporting any local issues they might have, as well as working with local partners to promote the area as a business location and respond to location enquiries;

·         Providing support for high level skills and long-term employment by continuing to promote available skills programmes and initiatives, particularly apprenticeship based within the Borough; and

·         Providing economic development support to the three main retail centres and the development of a Business Improvement District in Epsom Town Centre.

The report highlighted that the Strategy needed to be developed in line with the Council’s new Corporate Plan, Medium Term Financial Strategy (MTFS) and budget.  The MTFS currently contained provision for the implementation of Plan E and made reference to potential sources of funding for Kiln Lane.

Clarity was required around the potential costs to the Council associated with the interventions contained within this Strategy, particularly around those outlined in the Annexe to the report and (where required) funding earmarked as part of the MTFS and annual budget prior to the content of the Strategy being adopted by members.

Requests for additional funding needed to be considered against the backdrop of having to reduce the General Fund Budget deficit of £2.4m over the next four years and a capital programme with bids over £.2.8m for next year.

It was confirmed that the Council’s planning policies actively sought to protect smaller retail centres.  The emerging draft Strategy was the result of a comprehensive piece of work done by the Local Government Association which Officer’s had tried to distil into deliverable and affordable objectives.

The Committee supported the proposed content of the forthcoming draft Economic Development Strategy as set out in the Annexe to the report, commenting, in particular, that it supported the inclusion of Epsom within the Zone 6 Oyster Zone, and noted that a more detailed draft would be reported to a subsequent meeting of the Committee. The Chairman indicated a desire that this should be within the next six months.