To consider the draft Torbay Economic Strategy and, in light of the Board’s findings at its meetings in September 2012 and March 2013, to give its views to the Mayor.

Tim Jones (Chairman of the Heart of the South West Local Enterprise Partnership) has been invited to the meeting.

Tim Jones, the Chairman of the Heart of the South West Local Enterprise Partnership (LEP), attended the meeting and briefed the Board on the operation of the LEP, its relationship with Torbay and how it would be measuring its success.

Mr Jones gave details of the funding that was being made available to the LEP through the Single Local Growth Fund, the combination of EU structural funds into a single pot and the allocation of Devon as having “transition” status and the Plymouth City Deal.

As had previously been noted by the Board at earlier meetings, funds would be allocated to the LEP through a competitive bidding process.  The Partnership would need to demonstrate the resilience of its plans and how it was collaborating with the local authorities, chambers of trade and other business bodies within its area.  There was also a need to ensure that economic priorities across the area aligned coherently with the spatial plans.

Whilst the LEP would be seeking to raise the Gross Domestic Product of the whole of its area, it was acknowledged that EU Transition Funding would be directed to areas of “market failure”.  However, how match funding for projects could be identified was an issue which different authorities were addressing in different ways.

The Mayor and the Chairman, Chief Executive and Director of Economic Strategy of Torbay Development Agency also attended the meeting to present the draft Economic Strategy for Torbay.  The Strategy aimed to put in place the right landscape to grow businesses within Torbay which would drive productivity and increase skills.  This, in turn, would help address issues around child poverty and deprivation; with those living in deprived areas having access to work (although not necessarily within Torbay).

Resolved:  that, taking account of the findings of the Board at its meetings in September 2012 and March 2013, the views of the Board on the draft Economic Strategy are:

(i)            There is a continued need to move away from a low-wage economy within Torbay to a mid- to high-wage economy.

(ii)          There should be recognition that the South Devon Link Road will provide an opportunity for inward and outward migration and that everything possible should be done to ensure that skills can be maintained and enhanced within Torbay.

(iii)         The Strategy should include targets and milestones against which success can be measured.

(iv)         The Strategy needs clear prioritisation in order to show a clear focus on what the Council (through Torbay Development Agency) can achieve.  This is especially important which the increased competition for funds.

(v)          The need that has previously been highlighted by the Overview and Scrutiny Board to develop and work with the voluntary and community sectors should be highlighted within the Strategy.  The current work on this issue should have a clear linkage with the Economic Strategy.  In particular, work to encourage social enterprise should be mainstreamed.

(vi)         The Council should work, through the Local Government Association, with similar coastal resort authorities to gain maximum advantage from capital funding to address broad structural issues.