What is a Local Industrial Strategy?
Local Industrial Strategies are required by Government to be prepared by all Local Enterprise Partnerships (LEPs). They are intended to ensure two things:
Local Industrial strategies build on the UK Industrial Strategy (UKIS) which is based on five foundations of Growth:
The UK Industrial Strategy also identifies four Grand Challenges:
Why is the LIS important for the future of Lancashire?
The Local Industrial Strategy presents a real opportunity to strengthen the economy to create jobs and growth for Lancashire.
We will identify and propose to Government the most important strategic economic propositions for Lancashire as a place. If we do this well, we will have:
The Local Industrial Strategy will set out a long term vision for the economy of all of Lancashire. Our key propositions will safeguard and grow our existing economic strengths, and allow us to grow new strengths and sectors based on new and emerging opportunities and technologies.
What Work has been done so far in relation to the preparation of Lancashire’s Local Industrial Strategy?
In January 2019, the Lancashire Enterprise Partnership commissioned Steer Economic Development to prepare an evidence base setting out the state of the economy of Lancashire, which is available for viewing below. It highlighted key data in respect of the strengths and weaknesses of Lancashire’s economy. From this evidence we determined a comprehensive picture of the Lancashire economy at that current time.
What did we do then?
Central Government required that all Local Industrial Strategies were to be co-produced and co-published with them. As part of Wave 3, Lancashire was in train to receive sign off for the Strategy in March 2020, as can be seen below.
Drawing from the evidence base and consultation and collaboration with a range of stakeholders and partners, we identified the key strategic priorities for Lancashire as a whole, with a view to developing credible propositions for discussion with Government.
The initial key milestones relating to the production of the Local Industrial Strategy (which were determined by Government) are set out below:
|3rd June 19||LIS – Have Your Say Event – East Lancashire Chamber of Commerce|
|24th June 19||LEP Board discussion – Developing Strategic Priorities|
|24th July 19||Strategic Stakeholder Workshop to develop Strategic Priorities|
|August 19||Develop theme-level actions/proposition/national and local ‘asks’|
|September/ October 19||First drafting propositions|
|Early January 20||Planned 3rd stakeholder workshop|
|January 20||Discussions with Government departments to begin|
|February 20||Narrative development and collaboration with Government|
|March 2020||Final LIS in place|
The Impact of Covid-19
Unfortunately, however, Brexit negotiations and the General Election disrupted the timeline for senior officials to engage and the process was postponed. The re-start of the process was then further undermined by Covid-19.
As a major economic shock there is now a real pressing need to revisit the original analyses, refresh the numbers and re-position the strategy to take full account of the impact, the prospects and interventions for stabilisation and recovery and to re-find the pathways to growth. To do this meaningfully, there is a need to establish new economic forecasts that account for the disruptive impact of Covid-19 and review the chapters, the propositions, the asks and offers of the emergent strategy as well as re-socialise it with key partners.
We are continuing to work with Steer to revise the evidence base and re-formulate and re-position the strategy.
We have also established sector groups which are made up of business leaders in their respective field to provide real-time business intelligence and evidence of the challenges and opportunities they, and their sector, face following the pandemic. Their insight is helping inform our discussions with Government and the development of a robust and business-led economic narrative to support Lancashire’s road to recovery, as well as contribute to the finalisation of the Local Industrial Strategy.
Further information will be published in due course.