Richard Jones
Policy and Communications Manager
Solent LEP
Solent LEP – 3 Years On
2012 economic vision:
“In the period to 2026 capitalising on identified strengths and
through collaboration commit to:
...create 10,000 new jobs in the Solent LEP area;
...GVA growth of 2.1% equating to an extra £1bn or £6,400 per
capita”
Solent LEP - Progress to date
Based on the three current main programmes of work, the
Solent LEP is close to achieving it’s original target of creating
10,000 new jobs:
Programme
Job Output
Business Support
Packages
1,200
City Deal
4,700
Enterprise Zone
3,600
Total:
9,500
Regional Growth Fund
Competitive central Government Fund – £3.2bn nationally (2011 – 2017)
● Leverage of private sector investment
● Creation of sustainable private sector employment
● Focus on areas which are overly reliant on public sector employment
Solent is the only LEP in the South East to secure approval to offer business
grants through the RGF – including bespoke support for the Isle of Wight
Solent Strategic Sectors
Marine and Maritime - with an initial focus on Advanced Manufacturing and
Defence, reflecting recent economic shocks in the Solent
● The major advanced manufacturing and defence cluster in the UK is
located in the Solent area and is home to 1,750 related businesses.
● GVA contribution £3.6 bn per annum
● The sector represents around 18% of local economy – 48,000 jobs
The Isle of Wight Expansion Fund
The Fund
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Total funding available: £2.46 million
Eligibility: businesses based on, or moving to, the Isle of Wight by March 2015
Sectors: Marine, maritime, and advanced manufacturing including composites
Total amount available for each applicant: between £50,000 and £500,000
Type of funding available: Grant funding
Match funding required: 80% of total project cost
Commitment required: creation and/or safeguarding of private sector jobs
What can be funded: any capital investment into the business to create sustainable
employment on the Isle of Wight (there are EU Exceptions listed in the Guidance)
● Next deadlines: 16th May 2014, 18th July, 19th September
The Isle of Wight Expansion Fund
Target
By 2015, we want projects in place that will:
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Create and / or safeguard over 290 jobs on the Island
Leverage at least £3m additional private sector investment
Bridging the Gap Phase 2
The Fund
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Total funding available: £1.8 million
Eligibility: Southampton, New Forest Waterside and Isle of Wight
New start-ups, SMEs growing or safeguarding jobs
Any sector
Total amount available for each applicant: between £5,000 and £50,000
Type of funding available: Grant funding
Match funding required: 50% of total project cost for SMEs, 70% of total project cos
for new start-ups
● Commitment required: creation and/or safeguarding of private sector jobs
● What can be funded: any capital investment into the business to create sustainable
employment
● Next deadlines: 16th May 2014, 18th July, 19th September
www.solentlep.org.uk/downloads
Solent Strategic Economic Plan
• Supporting new businesses, enterprise and ensuring SME survival and growth;
• Enabling infrastructure priorities including land assets, transport and housing, reducing flood
risk and improving access to superfast broadband;
• Establishing a single inward investment model to encourage companies to open new sites in
the region, supported by effective marketing;
• Investing in skills to establish a sustainable pattern of growth, ensuring local residents are
equipped to take up the jobs that are created and businesses can source local skills and labour
to underpin growth;
• Developing strategic sectors and clusters (interconnected groups and businesses) of marine,
aerospace and defence, advanced manufacturing, engineering, transport and logistics
businesses, low carbon and the visitor economy – establishing the area as a business gateway,
at both local and international levels and developing local supply chains;
• Building on our substantial knowledge assets to support innovation and build innovative
capacity in the Solent area to stimulate growth in Solent businesses and in new high growth
sectors, particularly linked to our HE excellence.
Siobhan Flynn
Employment and Skills Manager
UK Commission’s Employer Skills Survey 2013
• 91,000 UK businesses surveyed
Signs of recovery…
• 12% rise in number of vacancies reported
• 2% decrease in % of businesses with any staff not fully proficient
• 1% increase in % of businesses training staff in the year
But…
• 6% rise in number of skills shortage vacancies
• 30% density of skills shortage vacancies in manufacturing
• 55% density of skills shortage vacancies in professional level
manufacturing
(2011 Survey Comparison Figures)
The Solent Labour Market
• Relatively high employment rates and low unemployment
• Job growth forecast to exceed growth in the working age
population
• Strong intermediate level skills; but underperformance in higher
level skills
• Over half of all job opportunities to 2020 will require higher level
skills
• Demand for higher level skills to increase across all sectors
• Growth sectors to increasingly require Science, Technology,
Engineering and Mathematics (STEM) Skills
• Youth and long-term unemployment remains much higher than
pre-recession levels
Examples of Current Solent LEP Skills Work
• £12m CEMAST Centre at the Solent Enterprise Zone due to open
September 2014
• Solent Skills for Growth Fund
• Solent Young Entrepreneur Fund
• Young Consultants
The Solent Skills Strategy
• Developing World-Class Skills
• Transitions to Employment
• Raising Business Investment in Skills
• Developing a Responsive Skills System
Developing World-Class Skills
• Address underachievement at Key Stage 3 and GCSE
• Increase take-up of apprenticeships
• Raise the level of STEM skills in the Solent economy
• Raise higher level skills
• Address sector specific skills requirements
Transitions to Employment
• Improve employability skills
• Improve the scale and quality of IAG
• Increase youth employment
• Promote talent retention and job mobility
• Improve opportunities and skills of the unemployed
Raising Employer Investment in Skills
• Support greater business engagement and skills brokerage
• Improve leadership and management skills
• Promote entrepreneurship skills
• Support innovation linked to skills
Responsive Skills and Employment System
• Provide better access to business and labour market intelligence
• Joint planning arrangements
• Invest in skills assets to provide affordable investment capital for
colleges
Strategic Economic Plan – Key Priorities
• Supporting new businesses, enterprise and ensuring SME
survival and growth.
• Enabling infrastructure priorities
• Establishing a single inward investment model
• Investing in skills
• Developing strategic sectors and clusters (marine,
aerospace and defence, advanced manufacturing,
engineering, transport and logistics businesses, low carbon
and the visitor economy)
• Support innovation and build innovative capacity in the Solent
- particularly linked to our HE excellence.
Local Growth Capital Skills Programme
• Hythe Marine Centre - Brockenhurst College with Green Marine
• Southampton STEM Centre - City College, Southampton Solent
University, Lloyds register & other private sector partners
• Solent Academy for Applied Technology and Maths - Fareham College with
local school partners in Fareham & Gosport
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IOW Centre of Excellence for Composites – IOW College with GKN
• The ‘Future Skills Centre’ for the Construction and Built Environment (CoBe)
– HCC, Bouyges, Barratt homes & Portsmouth University
• We will enhance our FE estate and address category C and D estate.
• The local growth deal funding ask is £56.4 m and will unlock £20 m local
investment; and deliver 26,000 sq m of new/FE floorspace