Strategic context
The council is in the process of adopting a new Corporate Strategy 2023-2027 which sets out a bold new vision for the borough:
“To be an innovative and forward-thinking council, that leads the people and businesses of the borough towards a vibrant, prosperous and sustainable future.”
One of the priorities that underpins the vision focusses specifically on the local economy and the role that the council and its partners can play in supporting it. The priority, which emphasises the need for sustainable growth, is:
“Investing in our local economy to help support residents and businesses and foster sustainable growth. ”
These statements provide a strong starting point for the direction that this strategy needs to take.
When the council’s last economic strategy was produced in 2020/21 (Economic Recovery Strategy 2021-23), the emphasis was very much on navigating through the COVID-19 pandemic. However, a number of key considerations now need to be factored into our thinking when formulating our new strategy document and identifying our priorities. These include:
- The economic uncertainty arising from high inflation, tight labour markets and supply chain disruption, as well as the longer-term impact and opportunities arising from Brexit.
- Moving towards a net zero carbon economy in a way that incentivises the use of new technologies and green skills development as well as the enhancement of our natural environment.
- The need to align this economic strategy closely with the re-positioning of the West Kent Partnership and its new priorities, the Kent & Medway Economic Development Strategy and our UK Shared Prosperity Fund Investment Plan in order to support our local economy effectively.
- Gross Value Added (GVA) per head data has highlighted the strong role that West Kent plays in contributing towards the Kent economy – for example in Tonbridge and Malling the GVA per head is £36,690 compared to £27,907 across Kent as a whole. However, when compared to other locations equidistant to London, such as Guildford, it is clear that there is room for improvement.
- The challenge for our High Streets as they evolve from purely ‘shopping centres’ to provide a wider array of services.
- Supporting the rural economy as it undergoes a period of change, particularly with the switch away from the Direct Payment system in the farming sector and changes in the labour market.