Report of the Economic Development Officer and the Group Head of Place Shaping

RESOLVED –

1.         That Cabinet approves the draft Economic Growth Strategy, High Level Action Plan and detailed Project Plan.

2.         That Cabinet agrees to the development of a Watford Skills and Employment Plan, led by West Herts College.

3.         That Cabinet notes that the strategy will be monitored through quarterly updates to Cabinet, Overview and Scrutiny Committee and to the business partnership, One Watford for Business.

Cabinet received a report of the Economic Development Officer and Group Head of Place Shaping, including the draft Economic Growth Strategy 2021-2025.

The Mayor thanked the officers for developing the strategy.  Following the recession in 2008 Watford was one of the most successful economies in the UK.  In March 2020 Watford was home to more than 5,400 enterprises, an increase of 28% since 2015.  He noted that Watford had seen the greatest productivity growth in Hertfordshire over the last decade.  There was a strong diverse business base.  There was a strong supply of jobs and attracted private sector investment.  However the claimant count had nearly doubled since January 2020 due to Covid-19; a significant number had lost their jobs.  The town had yet to see the impact of Brexit.  Although Watford did not have significant deprivation there were pockets of deprivation within the town.

The Mayor stated that he was positive about the economic future of Watford and South West Hertfordshire.  Watford always dared to be different and looked beyond the usual solutions.  Watford was an outstanding location for business and was the base for regional and national headquarters. 

The Mayor referred to the report and advised that it set out five priorities:

·        Developing a thriving and productive economy

·        Supporting our key sectors

·        Supporting our communities to access opportunities

·        Creating a new economic future for Watford town centre

·        Creating the right environment for sustainable growth

The strategy also contained a detailed action plan.  The Mayor highlighted some of the aspects and the action plan.  He said the council wanted to be investors, developers, ambitious, enterprising and benefitting all of the community.

Councillor Bell commented on reference to the film industry and whether the town was in competition with Hertsmere and Elstree.  He also questioned if the council was pushing other industries, for example IT and incubator businesses, particularly now with Watford Business Park and Croxley Park.

The Mayor responded that there had been collaboration in South West Hertfordshire in connection with the film industry.  He had recently visited Warner Brothers filming site and noted how busy it was currently. 

The Group Head of Place Shaping advised that the council wanted to drive the film and creative sectors in South West Hertfordshire.  Watford was the largest and best connected town within the area.  The strategy referred to supporting four key sectors – professional services, creative sector, health care and town centre services including retail and hospitality.  Some of these had the biggest challenges but also the best prospects.  IT was an enabling service, behind many other sectors.  An action within the strategy looked at how an innovation hub could be embedded.  The council wanted to support lots of businesses to grow in Watford and would look at any potential government grants that could help support the growth.

In response to a question from Councillor Bell about Atria and the John Lewis site, the Mayor and Managing Director both advised that they were aware of ongoing discussions and there was interest in the site. 

Councillor Williams noted that sustainability and tackling climate change had been included throughout the strategy.

In response to a question from Councillor Stotesbury regarding updates, the Mayor advised that he understood they would be included as part of the quarterly updates considered at the beginning of the meeting. 

RESOLVED –

1.         That Cabinet approves the draft Economic Growth Strategy, High Level Action Plan and detailed Project Plan.

2.         That Cabinet agrees to the development of a Watford Skills and Employment Plan, led by West Herts College.

3.         That Cabinet notes that the strategy will be monitored through quarterly updates to Cabinet, Overview and Scrutiny Committee and to the business partnership, One Watford for Business.