Www.seeda.co.uk Going for Growth? SUSTAINABLE ECONOMIC DEVELOPMENT IN THE SOUTH EAST Rob Douglas.

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Presentation transcript:

Going for Growth? SUSTAINABLE ECONOMIC DEVELOPMENT IN THE SOUTH EAST Rob Douglas

The South East Economy A successful regional economy but faces strong international competition Excellent in knowledge economy inputs i.e. basic research, knowledge and creativity but lags in terms of translating these inputs into economic value such as household income and GVA Significant sub-regional disparities Key challenges include housing, transport and skills

SEEDA’s Statutory Objectives Under the Regional Development Agencies Act 1998, each Agency has five statutory purposes, which are: 1.To further economic development and regeneration 2.To promote business efficiency, investment and competitiveness 3.To promote employment 4.To enhance development and application of skills relevant to employment 5.To contribute to sustainable development

Measuring Success GDP/GVA per head is not the best measure of economic well being, but no alternative at national and international level We use multiple indicators to track performance - economic, social and environmental – total 25 objectives in the IRF and around 10 high level targets from government for SEEDA The Index of Multiple Deprivation (IMD 2004) is based on a broad set of indicators and forms a key consideration for policy

National and International Context Productivity of the South East ranks 31 st compared with the top performing 40 global regions – similar to the UK productivity gap with the US and Germany If we could match the average productivity of the 40 regions, we would add extra £40 billion to the UK economy without any significant extra pressure on physical infrastructure Real incomes in the South East are amongst the lowest in the UK

Cost of Living Adjusted Incomes Source: Barclays plc

Deprivation Challenge 176,000 people unemployed 271 neighbourhoods (Super Output Areas) falling in the most deprived 20% areas in England 370,000 claiming income support Gross Household incomes in Milton Keynes, Isle of Wight, Portsmouth, Southampton and Medway below national average 1 in 8 people lack basic literacy and numeracy skills

The Way Forward Tackle transport, housing, skills and inclusion issues If we could improve GVA per head of lagging areas to match the regional average, it would add £10 billion (8%) extra to the regional economy (GDP) Smart Growth – accommodate change, build high value added knowledge economy