1. Update from the Local Enterprise Partnership Joan Hancox 3 December 2015

2. 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

3.  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 –  18-24 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

4. 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 - 2014

5. 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

6. The Strategy will and is being used to influence the following; County Council EET Strategy Hertfordshire Apprenticeship Plan 2015-17 European Structural and Investment Funds priorities for ESF 2014-20 LEP discussions with training delivery partners Hertfordshire Skills Strategy

7. 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 2014-20 – £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

8. 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)

9. 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

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

11. HERTFORDSHIRE LOCAL ENTERPRISE PARTNERSHIP Joan Hancox Email: joan.hancox@hertfordshirelep.co.uk Tel: 01707 358742