Council approves plan to drive economic growth in the borough
Telford & Wrekin Council has approved a new initiative aimed at driving economic growth in the borough and promoting it as an attractive destination for investment at its cabinet meeting today.
The initiative is supported by a range of business support programs, including grants as part of the UK Shared Prosperity Fund (UKSPF), to meet the needs and demands of local businesses as they grow.
The council’s existing economic development strategy is built around a commitment to be 'business winning and business supporting' and a pledge to provide a service to all investors and businesses that is fast, responsive, and deal-focused.
According to the cabinet report, the council's economic development strategy has resulted in exceptional growth and investment rates in the borough, with a 14.49% increase in the number of businesses compared to 8.79% in the West Midlands.
Other metrics from the report include managing 700 investment enquiries and 23,000 business support enquiries, creating 300,000m2 of commercial space through the Telford Land deal, and securing £110m in grant funding for businesses, resulting in the creation of 4,368 jobs.
The initiative has also supported the opening of 52 new high street businesses and secured £2.1m in private sector investment into the borough's high streets.
This is underpinned by a number of essential elements, including tailored business support, the Telford Land Deal and Growth Fund, creating new sector opportunities, investment into transformational infrastructure, and marketing the borough's offer.
Councillor Lee Carter (Lab), Telford & Wrekin Council’s cabinet member for neighbourhood services, regeneration and the high street, said: “The council’s approach to business and investment support has already had a significant positive impact on the local economy, businesses and residents.”
“We are proud of the growth we have seen in recent years, and we are committed to ensuring that this trend continues, and are confident that the launch of a new package of support for businesses, alongside refreshed marketing for the town will provide a significant boost to the local economy and enable us to attract even more businesses to the borough."
The cabinet paper also approves the development of a new economic strategy for the borough, which will be presented for approval to the cabinet in the autumn. This will provide a roadmap for economic growth across the borough for the next 10 years, embedding Telford's Vision for 2032 of an inclusive borough where everyone can fulfil their potential in a thriving economy.