Agenda item

[Report of the Director of Housing, Regeneration and Planning. To be introduced by the Cabinet Member for Local Investment and Economic Growth]

This report seeks Cabinet to approve the publication of the Economic Development Strategy for consultation.

 The Cabinet Member for Local Investment and Economic Growth introduced this report which sought Cabinet approval of the publication of the Economic Development Strategy for consultation.

The Cabinet Member was pleased to welcome this report and praised officers for their work on the Economic Development Strategy. This strategy built on the commitments made in Haringey's Borough Plan 2019-23. Community Wealth Building was fundamental to the strategy, which included ensuring every public pound delivered maximum public good.

The Cabinet Member highlighted that the Economic Development Strategy focussed on creating a good economy; fairness and equality; business and enterprise resilience; environmental sustainability; and health and well-being. Following a commissioned evidence base, there were four key priority areas identified, these were: business and enterprise; high streets and town centres; employment space and infrastructure; and employment and skills.

The Cabinet Member stressed the importance of partnership working with other organisations in the borough.

In response to questions from Councillors Ogiehor, the following information was provided:

• Officers noted that, with regard to expanding and enhancing the commercial portfolio, the Council had recently carried out a review of the Buildings portfolio which formed part of the Asset Management Plan. It was found that in some areas there were options to increase the portfolio. Officers accepted there was a lot of work to do to improve the Council’s portfolio. The majority of investment would go into enhancing property the Council already owned.
• The Cabinet Member noted there was a Strategic Property Sub-group which routinely discussed the commercial portfolio. He also considered it the Council's duty to be a responsible landlord for the properties it owned in its commercial portfolio.
• The Cabinet Member noted that if there was widespread support for business rate relief for environmental based businesses that would be looked into.
• The Cabinet Member for Finance and Strategic Regeneration noted the Council had various ways in which it helped small businesses, such as through the Small Business Rate Relief and Retail Discount Rate Relief. Regarding charities, they had an 80% credit relief.

The Cabinet Member for Finance and Strategic Regeneration noted that the Council had a fiduciary duty to collect the business rates owed.

RESOLVED

1. To approve the publication of the Economic Development Strategy for consultation, which focuses on:
   1. Creating a good economy – good work; fairness and equality; business and enterprise resilience; environmental sustainability; and health and well-being.
   2. Four key priority areas – business and enterprise; high streets and town centres; employment space and infrastructure; and employment and skills.

Reasons for decision

This draft strategy is our framework for economic development in the borough between 2020 - 2035 and sets out how we can shape a good economy for Haringey that works for all, enabling residents to prosper and businesses and high streets to thrive.

This vision, for a good economy seeks to move beyond a narrow focus on economic growth, towards a way of thinking about economic development which focuses on whether it supports our residents to live good lives, is fairer, and, whether it is environmentally sustainable (recognising the interdependency with the emerging Climate Change Action Plan).

The vision for the economy needs to be clear, and aligned to what business and residents want, so that actions can be identified and prioritised to help move in a specific and agreed direction. This is especially important in the area of economic development where the Council’s resources are limited, and partnership working is critical to success.

Alternative options considered

Do nothing and rely on existing strategy – The previous economic development strategy was published in January 2015. Evidence used to develop the strategy is now out of date. In addition, the strategy needs to be updated to align with Community Wealth Building. This would also miss an opportunity for the Council to set a new direction of travel which takes account of the significant social, economic, political and environmental changes that have occurred since the last EDS.

A new strategy is needed to reflect these changes, set a vision which aligns with what matters to businesses and residents, and enables partners to work together.

There are numerous ways which economic development could be approached, not least through a traditional focus on increasing Gross Domestic Product (GDP) or Gross Value Add (GVA). However, the proposed approach is based on an updated commissioned evidence base; what businesses have said is important; and latest thinking about what makes a good economy.

Four key prioritises have been identified:

• Business and enterprise - Attracting and sustaining business and enterprise who share our values
• High streets and Town Centres - Supporting diverse, vibrant, healthy high streets and town centres
• Employment space and infrastructure - Creating, improving and protecting employment space and infrastructure
• Employment and skills - Supporting all of our residents to secure and sustain good work, and to ensure they have the skills that help them to progress now and in the future.

Key actions have been identified, with a full action plan being published alongside the final strategy in September 2020.