Richard JonesPolicy 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

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

Regional Growth Fund

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 Fund

● 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:

• Create and / or safeguard over 290 jobs on the Island

• Leverage at least £3m additional private sector investment

The Isle of Wight Expansion Fund

The Fund

● 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 cost

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

Bridging the Gap Phase 2

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 FlynnEmployment 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

• 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