Leicester and Leicestershire Local Enterprise Partnership: Economic Growth Strategy 2021-2030
In January 2021, Leicester and Leicestershire Local Enterprise Partnership commissioned Cambridge Econometrics to develop a new economic growth strategy for the area, including up-to-date analysis of the impacts and prospects for the local economy following Covid-19 and Brexit.
- Leicester and Leicestershire significantly impacted by Covid-19, particularly in hospitality and tourism related sectors and in Leicester City Centre. Conversely, business services, logistics, and science and technology industries continued to perform well.
- The area has made huge progress in diversifying its economy into science and technology related industries, capitalising on the R&D strengths of its three universities.
- This has resulted in the build-out of several science and technology parks, and work has begun on Spacepark Leicester – that will host activities relating to earth observation and satellite technology.
- Although the diversity of the local economy has provided some resilience to the impacts of Covid-19, the challenges facing communities and localities experiencing economic disadvantage have deepened. Prior to Covid-19, deprivation and disadvantage challenges were long-standing. Leicester and Leicestershire ranked 23 out of 38 LEPs for deprivation. Covid-19 has led to further inequalities and concentrations of disadvantage, and has increased the future risk of unemployment and job insecurity facing lower-skilled residents and workers.
- The final strategy had 4 main pillars, and 16 priorities. The four pillars were:
- Increase GVA and productivity, continue to develop a leading science and technology-led economy.
- Global innovation leadership, increase innovation activities across the whole business base.
- Create a resilient, adaptive workforce where all residents have access to skills and career progression and are paid the living wage.
- Become a leader in zero carbon solutions, with sustainability principles built into everything we do.