Cabinet to agree the revised Plymouth Economic Strategy with the addition of the Delivery Plan and delegate final approval to the Leader of the Council.

Councillor Evans OBE (Leader of the Council) introduced the report and highlighted the following items:

a)    After two years of work in partnership with the Plymouth Growth Board, PCC could formally adopt the new 10 year economic plan and the delivery plan for the next three years;

b)    After 15 years of innovative work by the economic development team, Plymouth was at an economic tipping point and had created a transformational pipeline of investment which would transform the city’s economy;

c)    The pipeline included six billion pounds worth of investment which would create 8,000 higher paid jobs;

d)    The pipeline builds on the opportunity presented by Growth Alliance Plymouth with £4.5 billion investment in the defence sector from the Government;

e)    The pipeline stretched to 2050, creating years of economic certainty;

f)     The economic strategy and delivery plan was a statement of intent and placed Plymouth at the heart of endeavour, building on its strengths in defence and marine autonomy and recognising Plymouth’s role in other sectors such as advanced manufacturing and life sciences;

g)    Growth in Plymouth was about creating better paid jobs that residents could access, attracting and retaining a new workforce, shifting the economy towards net zero and strong, vibrant communities;

h)    Within the next three years, PCC would deliver 55 projects across the city. These projects had been designed with partners, with 20 organisations taking on lead roles;

i)     The potential impacts were:

i) 1,000 new businesses;

ii) 8,000 new jobs;

iii) Six billion pounds of investment;

iv) One billion pound increase to Gross Value Added (GVA);

v)  Productivity up 20%;

vi) Helping 5,000 people get work;

vii) Bringing 50 vacant buildings back into use;

viii) Building 10,000 new homes and;

ix) Lifting 3,000 people out of poverty;

j)     The economic strategy was owned by the Plymouth Growth Board with identified leads from the business community, academic community, cultural community, and voluntary sector community working together with the Cabinet and Officer leads to ensure that PCC delivered;

k)    The investment would be felt across the following geographical investment areas: Defence Sector in Devonport. The Waterfront with maritime, the heart of the city centre and the north of the city;

l)     Upcoming projects would include: supporting floating offshore wind, further development of smart sound in the ports, delivering the city centre master plan, investing in priority sites included the Civic Centre, business support for manufacturing, tech sectors and start-ups, better work experience and apprentice opportunities, developing the evening and night-time economy, city branding, social value, Plymouth Science Park and innovation, maximising defence industry, equipping Plymouth citizens with the right skills to access jobs and graduate retention.

Richard Davies (Vice Chancellor, University of Plymouth) added:

m)  The University would lean into their civic responsibilities;

n)    Half of the University’s UK based students were from Devon and Cornwall;

o)    Plymouth and its University were key to the social, cultural and economic success of the surrounding region;

p)    The University had invested approximately £250 million into redevelopment and regeneration  ...  view the full minutes text for item 113