Update from the Local Enterprise Partnership Joan Hancox 3 December 2015

Hertfordshire’s Strategic Economic Context  Economic output (GVA per head) 14% above UK Avg  High Employment rate (78%)  Low Unemployment (<4%)  Highly skilled workforce (>50% degree level)  Good level of inward investment  High business start-up rates  High Levels of outward commuting  Lack of affordable housing  Lack of Grade A commercial premises  Obsolescence in commercial building stock  Slow growth and weak productivity.  SME digital connectivity

 employment rate of circa 73%  39% working age residents L4+ although 40% for employees  NEETs rate (4.91%) however 36% youth offending & 23% care leavers  Low apprenticeship participation at 16 but rising at 17 and 18 –  JSA claimants fell by 25% over 7 month period  50+ JSA claimants fell by 15% over same period  6.7% of Herts ESA claimants are in district Three Rivers Key Facts

49% of businesses surveyed identified skills gaps in current workforce 45% of businesses considered skills gaps affecting competitiveness Although 38% of businesses experienced more than 5% growth only 21% had fully proficient staff Most common cited skills gaps related to job specific, however keys skills such as problem solving; oral and written communications and advanced IT skills were also regularly cited Hertfordshire Businesses’ skills gap survey

5 Key Themes Developing our future workforce Towards fuller employment Enhancing opportunities through lifelong learning A leading economy – skills to drive growth Skills to grow small and medium size businesses Hertfordshire Skills Strategy

The Strategy will and is being used to influence the following; County Council EET Strategy Hertfordshire Apprenticeship Plan European Structural and Investment Funds priorities for ESF LEP discussions with training delivery partners Hertfordshire Skills Strategy

Employability support for particular cohorts i.e. 50+, people with mild mental health conditions (DWP) English & maths up-skilling to support employability and sustainable employment (HAFLS) European Structural and Investment Funds priorities for ESF – £4m to support those furthest away from the labour market (Big Lottery) – £1.8m to up-skill JSA/ESA claimants (DWP/SFA) Hertfordshire Skills Strategy

2015 to 2021: Starting to deliver  Growth Deal funding April 2015  Projects starting to move  EU funding blockages lifted  Issuing calls for projects to deliver £72 m Business Support Package financed by: £24m Local Growth Fund £43m EU Funding £5m Growing Places Fund  Sub Packages: £22m Buildings 4 Enterprise (incubators) £7m SME growth (Advice and Guidance) £11m Innovation support (knowledge Transfer R&D) £18m Access2 Finance (Grants Loans Equity) £14m Skills (apprenticeships. Training etc)

New Enterprise Designation – on edge of Dacorum and also covers BRE – one of 24 new Ezs Development of key employment sites within and adjacent to Maylands Investment for infrastructure and incubation Enviro – Technology Enterprise Zone

Tfl/LUL now leading delivery Re-named Metropolitan Line Extension Croxley Rail Link

HERTFORDSHIRE LOCAL ENTERPRISE PARTNERSHIP Joan Hancox Tel: