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.

Key findings:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
Adam Brown Head of UK Economic & Social Policy [email protected]
Shyamoli Patel Head of Economic & Social Policy Division [email protected]