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RESOLVED: Cabinet;
1.    
Approves the West Northamptonshire Economic Growth
Strategy attached at Appendix A
2.    
Supported proposals to establish an Economic Growth
Board to oversee delivery of the actions within the Economic Growth
Strategy and input into strategic decision-making.
 
REASONS RESOLVED:

1.    
Approval of the West Northamptonshire Economic
Growth Strategy will support economic growth across the whole local
authority area and align with national government policies. It will
result in benefits for our residents and businesses located here.
We want to achieve:
·      
Higher levels of productivity, above national
levels
·      
Increased employment in investment
sectors
·      
Increased levels of specialisation in investment
sectors
·      
Increased net business formation rates
·      
A higher skilled workforce aligned to business
needs
·      
Improved life chances for children and young
people
·      
A reduction in inequalities and
deprivation
 

2.    
Whilst we have significant strengths in West
Northamptonshire, there are also areas for improvement including
the following:
·      
A productivity gap, with workers in West
Northamptonshire producing £2.80 less output per hour than
the England average.
·      
Employment in West Northamptonshire is heavily
concentrated in lower value sectors such as transport and
storage, health and social care, and wholesale and retail, which
typically offer lower-value opportunities.
·      
The business base has been in decline
(falling by 3% between 2019-24), compared to a small increase of 2%
nationally. This has included contractions in high-value sectors
like professional, scientific, and technical services, as well as
information and communication.
·      
There were more business deaths than births in
2021 (-230), emphasising the need to stimulate entrepreneurship
and improve the conditions for start-ups. At the same time,
five-year business survival rates are falling, with only 36% of
businesses started in 2017 surviving into their fifth year,
compared to 39% for those started in 2016. This highlights the
importance of supporting businesses through their critical early
years.
·      
A lower proportion of our workforce possess
high-level qualifications and are employed in skilled
occupations. Instead, a higher concentration are employed in
process, plant, and machine operatives.
·      
Significant inequalities exist across West
Northamptonshire, with high levels of deprivation, particularly in
parts of Northampton.
 
ALTERNATIVE OPTIONS:
None