Issue - meetings

To receive a presentation from Bob Doyle (Head of Economic Development) for discussion on the Council’s new Economic Development Strategy before Cabinet approval.   

The panel received a presentation from Bob Doyle (Head of Economic Development) on the Council’s new Economic Development Strategy. 

1.            Presentation

·         Over the last 6 months, there had been many successful economic achievements in Enfield, including helping businesses respond to the Covid situation, the outcome of the Good Growth Fund bid for Angel Edmonton, putting in place Town Centre Action Plans, inward investment from large companies such as Waitrose, the Beaver Town Brewery and OMA Film Studios and supporting the growth of existing businesses including SHL Stage Lighting, which had recently expanded their borough premises, creating more high quality jobs and 20 new apprenticeships.

·         The Coronavirus has had a significant impact on Enfield with an increase of 164% in the numbers of unemployed since January, 52,000 people are currently on the furlough scheme - many of these may also lose their jobs, when the scheme ends.  There have been significant rises in youth unemployment.

·         The key objectives of the new strategy were to create an economy which worked for everyone, creating more high-quality employment, enhancing skills and connecting local people to employment, developing town centres and crafting a cultural offer. 

·         The strategy was about creating the right conditions for growth, designing for the emerging economy, capitalising on Enfield’s unique strengths and building the right partnerships.   

·         There were five key themes:  people, work, places, investment and partnerships. 

·         Enfield has 17.1% of workless households which is high for London. The borough was getting younger, numbers of young people are growing, it is amongst the youngest of the London boroughs.  It was important to invest in this future talent pool.  In the past, the borough was over reliant on a lower wage economy, which did work for a while, but there is a need to put jobs on a more sustainable footing, with higher quality work. 

·         In Enfield 92% of businesses are micro businesses employing 1-9 people.  These businesses are part of the community and reflect local needs and concerns.  Amongst these there are many different types of business and it was important to channel support in the right direction.

·         In town centres Enfield has a very low office space vacancy rate at 4%.  Much space had been lost and there was a growing need especially for high quality office space.  The underdeveloped night-time economy and shortage of leisure facilities has meant that Enfield has not been good at attracting visitors from home and elsewhere. This was an area with good opportunities for growth, particularly at the current time with more people working from home. 

·         Over the last five years, seventy percent of new investment in the borough has been in construction, professional services, business support services, information and communication and transportation and storage.  The new Metaswitch building now owned by Microsoft was a good example of major investment in the borough.  It is one of the largest in Europe. 

·         Enfield had good relations with local partners and had attracted significant funding such as the £156m for Meridian Water from the Housing Infrastructure  ...  view the full minutes text for item 4