Local Industrial Strategy
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- Local Industrial Strategy
Oxfordshire is a globally-renowned county with one of the strongest economies in the UK, with a successful record securing investment to promote growth.
Ambition of the Oxfordshire Local Industrial Strategy:
Launched in September 2019, the ambition for the Oxfordshire Local Industrial Strategy is to position the county as one of the top-three global innovation ecosystems, highlighting our world-leading science and technology cluster and to be a pioneer for the UK and our emerging transformative technologies and sectors.
The current status of the Oxfordshire Local Industrial Strategy:
In August 2020 – backed by our public, private and education sector partners – we published the next stage of the strategy, the Oxfordshire Investment Plan.
The Oxfordshire Investment Plan - issued in August 2020
The Investment Plan translates the ideas and aspiration of the Local Industrial Strategy into a coherent programme of delivery over an initial 10-year period, up until 2030, worth c£4.3billion and includes a public sector investment ask of £1.1bn which, in turn, will leverage almost £2.6bn of private sector funding into projects, alongside committed public sector infrastructure funding of £0.7bn.
The portfolio will deliver at least:
- 24,500 new jobs (gross full-time equivalents)
- 344,400m² of new commercial and innovation floorspace
- 29,400 new homes (based on existing local plans and the Oxfordshire Housing & Growth Deal)
- 2,700 qualifications (NVQ4+ and Apprenticeships)
- Support for over 41,000 adult and young learners.
Delivering the projects will collectively lever over £2.6bn in domestic and foreign private sector investment. More widely, the portfolio will secure a total of £3.6bn of Foreign Direct Investment, and produce GVA of £1.2bn per year from 2030 (based on average Gross Value Added per job).
Why is the Oxfordshire Local Industrial Strategy so critical?
WATCH: The launch of the Oxfordshire Local Industrial Strategy. A challenge to businesses to become engaged.
We are responding to the Government’s UK Industrial Strategy
Our Local Industrial Strategy directly responds to the UK Industrial Strategy – launched by the Government in November 2017 – which aims to increase growth and productivity across the country and create more prosperous communities.
The UK Industrial Strategy is based on five ‘Foundations’ and four ‘Grand Challenges’ that the Government hopes to address.
The five foundations are:
- Business environment
The four Grand Challenges are:
- Artificial Intelligence and data
- Ageing society
- Clean growth
- Future of mobility
We are creating a highly-ambitious strategy for Oxfordshire that can also be at the forefront of a future globally-facing UK economy
Our Local Industrial Strategy is ambitious and positions Oxfordshire as one of the top-three global innovation ecosystems, highlighting our world-leading science and technology cluster.
Our Local Industrial Strategy is focussed on the long-term, not short-term
Our Local Industrial Strategy will provide an ambitious, long-term vision for economic growth between now and 2040.
Our Local Industrial Strategy is backed by business.
Our Local Industrial Strategy provides a business-led framework, detailing how we can realise our full-potential, raising productivity and commercialisation of our unique innovation assets.
Our Local Industrial Strategy recognises and prioritises local need.
Our Local Industrial Strategy works directly alongside and feeds into other key Oxfordshire strategies, including the Oxfordshire Housing and Growth Deal.
Our Local Industrial Strategy has major significance, nationally and internationally.
We are delivering a trailblazing Local Industrial Strategy for the UK government. Our four transformative technologies – with the potential to add up to £180billion to the UK economy by 2030 – are central to the evolvement of the Local Industrial Strategy.