A new blueprint for Gloucestershire's economic growth has been drawn up following the dissolution of Gfirst LEP.

It sets out a vision for how the council will engage with businesses and help the county grow over the next 10 years and tackle weaknesses such as unemployment and deprivation.

Gloucestershire's Economic Strategy (2024-2034), aims to establish the county by 2050 as a hub for the UK's intelligence, security, and cyber agencies and foster businesses working in digital communications, advanced manufacturing, agri-tech, and green and nuclear energy, while preserving the county's cultural and natural heritage.

Priorities include ensuring every resident has access to relevant training opportunities and businesses to a local workforce with the skills they need to flourishs so that by 2050 Gloucestershire is in the top 20% of local authorities for business survival.

Delivery of the strategy will be overseen by the newly formed Gloucestershire City Region Board  which merges the work of the Severn Vale, Rural Ambitions and Central Gloucestershire City Region together with the Gloucestershire Economic Growth Joint Committee (GEGJC).

Its members will be drawn from all six district councils and the county council and its inaugural meeting is due to be held on June 7.

The board will take control of the Strategic Economic Development Fund (SEDF) which is fed by retention of business rates and in 2023/24 pooled £4.369million.

It will be supported by senior officers and the new independent Economic Growth Board which is due to meet for the first time in the autumn and will offer advice on the delivery of the economic strategy.

The new blueprint supersedes previous strategies produced by GFirst LEP, which was shut down earlier this year and its functions transferred over to the council.

It has been drawn up following public engagement last year with residents, businesses and partners.

It lists Gloucestershire's economic strengths as including strong levels of investment in innovation and research and development, easy access to the South West, the Midlands,London, and Wales and a highly skilled workforce where 38.3% of residents hold qualifications at or above Level 4 (equivalent to the first stage of university-level learning).

Gross Value Added(GVA) was approximately £19.12billion in 2021, representing 12.8% of the South West's output.

Weaknesses include increasing economic inactivity which now sits at 20.7% of the resident population, a housing market where a median-priced property costs 8.9 times the median wage, 7.6% of residents living within the 20% most deprived neighbourhoods in England and an ageing population with more jobs than working age population predicted by 2035.

Gloucestershire is also in the bottom 40% compared to its geographical and statistical neighbours in terms of growth in business floorspace and some districts have seen a decline in business floorspace.

The strategy is shaped by four main priorities:

• Sustainable growth - the viability of future development to positively contribute towards Gloucestershire's future growth needs and to help support a strong, responsive and competitive economy.
• Inward investment - investment from external companies or individuals is a key component for prosperity and growth in an open economy and Gloucestershire has been successful in attracting this type of investment.
• Employment and skills - providing residents with access to skills and development opportunities will allow them to reach their potential, which will contribute to the county's ambition to improve productivity levels and ensure residents have fulfilling careers.
• Business innovation and support - Gloucestershire has a well established business support system, including GFirst LEP's Growth Hub and business membership organisations such as the Federation of Small Businesses and Chambers of Commerce, which help businesses overcome any barriers to growth.

These priorities will be supported by two themes, Greener Gloucestershire, which focuses on the

county's target is to be carbon neutral by 2045 at the latest and Inclusive Gloucestershire, which acknowledges the importance of all residents being able to access, benefit from and positively contribute to the economy, including those who are economically inactive and those experiencing health inequalities.

Adoption of the strategy has been recommended for approval at a meeting of Gloucestershire County Council's cabinet next Wednesday (15 May).

Cllr Mark Hawthorne, leader of Gloucestershire County Council, said: "We want to ensure the county is a vibrant place to live and work by building on our strengths, continuing to attract new investment and by providing residents with the skills they need to reach their potential.

"The strategy also focuses on meeting our carbon neutral objectives, as we transition to a green economy and a sustainable future."