(a)

the Local Economic Strategy (LES) Review was prompted because of the Plymouth Plan; so far evidence based reviews had taken place as well as stakeholder workshops and consultations;

(b)

the Council was working with a number of partners to refresh the strategy; the report would be submitted to Cabinet at the end of March 2014;

(c)

there were six areas of focus for the LES including enterprise and entrepreneurship, indigenous and inward investment, innovation and the knowledge of the economy, employment and skills, economic rebalancing and connectivity;

(d)

the business start-up rate in the city was very low in comparison to others with a similar density of business stock; officers were working hard to encourage more inward investment;

(e)

the LES flagships included Ocean City Infrastructure, Digital Economy, Business Growth and Investment, Learning and Talent Development, People, Communities and Institutions and Visitor Economy and Culture;

(f)

Plymouth currently had an issues with graduate retention and under employment in the city;

(g)

Mayflower 2020 was a big opportunity for the city’s economy; it was a means of ‘selling’ the city to the global market;

(h)

the Council had the following ‘big ticket’ opportunities:

·          

Strategic infrastructure – City Deal/ South Yard

·          

Tamar Science Park – Phase 5

·          

Business Support – Growth Acceleration and Investment Network (GAIN)

·          

Mayflower 2020/ Britain’s Ocean City

·          

Deal for Young People/ Skills Hub

·          

Social Enterprise City

(i)

it was the expectation that the framework  for the LES would be signed off in March 2014;  working groups were in the process of working on key actions;

(j)

officers were working hard to ensure that Plymouth’s Local Economic Strategy was set up properly in order for Plymouth to make the most of forthcoming opportunities such as bidding for 500m worth of funding from the Local Enterprise Partnership;

(k)

Officers had been in talks with Plymouth Area Business Council and First Great Western regarding the state of the railway and the effect this was having on the business/ visitor community; Members were advised that for every 100 minutes from London productivity was reduced by 6%;

(l)

letters had been written by the Council and the Plymouth Area Business Council to the Secretary of State for Transport highlighting the importance of the South West’s railway line;

(m)

Plymouth was currently focusing on attracting day visitors to Plymouth, the aim would then be to attract overnight stay visitors and then the niche market such as the East Coast;

(n)

Officers had developed a good working relationship with the Local Economic Partnership and were working hard to raise Plymouth’s priorities and profile; Officers were offering the LEP support where possible;

(o)

the Council had asked the Secretary of State and the PABC for Plymouth to be included on the Strategic Transport Corridor for the Southwest;

(p)

Plymouth had submitted ’13 asks’ to the Secretary of State and the Prime minister with regards to the railway line into Plymouth; the Leader had also asked every member of the transport select committee, the Chancellor of the Exchequer, Ed Milliband and the Transport Secretary to write letters with regards to the current issues being faced.