Issue - meetings

This report presents the draft Economic Strategy 2022-2030, a commitment to York and its economic future, and the city’s blueprint for financial stability, growth and prosperity.

Resolved:

                i)         That the draft Economic Strategy be approved.

              ii)         That the next phase of consultation for the Strategy be initiated.

             iii)        That the draft terms of reference for the Economic Partnership be approved.

Reasons:

i)     To support the content and purpose of the next Economic Strategy for York.

ii)    To agree that all key required elements of the Strategy are present.

iii)  To allow for preparation of a complete Strategy for final approval Executive in October 2022.

The Executive Member considered a report that presented the draft Economic Strategy 2022-2030.

The Director of Housing, Economy and Regeneration and the Head of Economy provided the background to the draft strategy, the challenges faced and the ambitions to be achieved within the five core themes; York as a global city, a greener economy, a thriving workforce, thriving businesses and an economy driven by good business.   

The Executive Member noted that:

·        The Strategy was an updated version of the council’s existing Economic Strategy 2016-2020. It articulated the previous themes in terms of measures, actions and objectives.

·        The points made by the speakers would come into clear focus when the Strategy was considered at a series of scrutiny committees to be held in July and increasing wage levels, helping people into work and developing skills levels would support the embedded issues of poverty and health inequalities.

·        A rigorous consultation process with contributions from key organisations, businesses and stakeholders from across the City, as well as York residents, had taken place. This resulted in the development of a robust Economic Strategy that also supported or ran in parallel with other council strategies, legislation, polices and initiatives.

·        The challenges within part-time working, the net zero ambitions and recruitment would remain a continued focus, as well as growing the bioeconomy, insurance, technology, digital, creative and rail sectors.

·        There would also be a focus on the high volume sectors within the City, retail, hospitality and social care, to drive up productivity and wages and to recognise and support microbusinesses.

·        Despite some of the challenges, York’s economy was thriving, with pay and productivity the highest in Yorkshireand there was continued high level employment in the city, with high level skills amongst the workforce. 

·        York’s Economic Partnership would be responsible for implementing and monitoring the new Economic Strategy and supporting a broad spectrum of sectors. It was proposed that the Board would meet bi-annually and may establish sub-groups for more detailed work under the five themes of the strategy.

The Executive Member welcomed the Strategy and in answer to his questions, officers confirmed:

·        The Customer and Corporate Services Scrutiny Management Committee and the Health and Adult Social Care Policy and Scrutiny Committee would support refining stronger health inequalities links within the Strategy at its joint meeting on 13 July 2022.

·        They would invite the council’s shareholders to join the Good Business Charter.

Resolved:

                i)         That the draft Economic Strategy be approved.

              ii)         That the next phase of consultation for the Strategy be initiated.

             iii)        That the draft terms of reference for the Economic Partnership be approved.

Reasons:

i)     To support the content and purpose of the next Economic Strategy for York.

ii)    To agree that all key required elements of the Strategy were present.

iii)  To allow for preparation of a complete Strategy for final approval Executive in October 2022.