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Strategic Economic Plan

2014 Strategic Economic Plan

The 2014 version of the South East LEP’s Strategic Economic Plan is available here.

Through the Kent and Medway Growth Deal - as part of the 2014 SELEP Strategic Economic Plan - the public and private sectors are investing over £80 million each year until 2020/21 to unlock Kent’s potential through:

• Substantially increasing the delivery of housing and commercial developments;
• Delivering transport and broadband infrastructure to unlock growth;
• Backing business expansion through better access to finance and support; and
• Delivering the skills that the local economy needs.

Alongside our investment proposals, our deal for growth sets out the actions that businesses and local authorities in Kent and Medway, together with the South East LEP and central Government are taking to drive forward delivery. Together, we are delivering:

Housing growth: We will deliver 49,000 homes by 2020/21 – meeting the needs of our growing population and economy.

Private sector employment: We will help to create 60,000 new jobs by unlocking housing and commercial development sites and creating sector growth through better access to finance.

Increased economic value: We will increase Kent and Medway’s levels of productivity and innovation, leading to an additional 11,000 knowledge economy jobs by 2020/21.

We are achieving this through a capital investment programme focused on:

• The key transport projects which will unlock our priority sites;
Investment in our skills infrastructure linked with the needs of our key economic sectors; and
Direct access to business finance and support to back businesses in key sectors with the appetite and capacity   for growth.

The Growth Deal set out our case for Local Growth Fund investment in Kent and Medway as part of an intelligent funding package, alongside the new European structural fund programme, existing Regional Growth Funds, developer contributions and local authority funds.

Refresh of the Strategic Economic Plan - 2018

Since the iteration of the 2014 Strategic Economic Plan (SEP) there have been many changes. It is therefore time to renew this vision, to realign it with national policy and funding frameworks and with local priority. The new SEP will need to:

• Articulate a clear, compelling vision, strategy and action plan for our economy
• Identify opportunities to collaborate to generate sustainable economic growth
• Articulate the risks of overlooking the South East economy and address the stereotypes and misunderstandings, perceptions about London and the greater South East
• Put forward a collective case for investment and a model for delivery

It will also need to take into account the changing environment:

• A new approach to Industrial Strategy
• The productivity challenge to the British economy
• Skills shortage
• Increasing emphasis on international trade
• Slow wage growth
• Tighter public finances
• Ballooning consumer borrowing
• Brexit

A consultation event - open to all businesses - will be held in Spring/Summer 2018 at the Kent Invicta Chamber of Commerce on the content for the refreshed strategy. The date and venue will be published in due course on both the KMEP and Chamber websites.

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