Agenda item

Arwyn Davies, Corporate Manager provided an update on the progress of the delivery of the Economic Strategy for Ceredigion County Council for 2020-2035. He explained that Ceredigion County Council had long championed the development and growth of its local economy as a key corporate ambition. This had been shown through continual prioritisation throughout successive political administrations with Boosting the Economy, Supporting Businesses and Enabling Employment remaining its first corporate priority.

An overview of the vision and key priorities (People, Place, Enterprise, and Connectivity) as outlined in the report was provided. The strategy aimed to leverage Ceredigion’s strengths and address challenges to foster a thriving, inclusive economy. There continued to be a challenge in the economy and there was a particular focus on areas where there remained significant challenges.

Arwyn Davies provided a presentation to the Committee outlining the following:

·       Population, Employment, Qualifications & Earnings

·       Key Challenge

·       Business Births/ Deaths in Ceredigion

·       Active enterprises in Ceredigion

·       Businesses 5-year Survival

·       Tourism in Ceredigion

·       Tourism Performance 2012 vs 2023

·       UK Shared Prosperity Funding (2022-2025) / Arfor – Enterprising Communities (2022-2025) / Transforming Towns (2022-2025)

·       Economic Strategy (People, Place, Enterprise, Connectivity)

·       Considerations

Members were provided with the opportunity to ask questions which were answered by Arwyn Davies. The main points raised were as follows:

·       Concerns were raised that the economy continued to recover from the Covid-19 pandemic. In terms of the impact of the Arfor and SPF programmes, it would be possible to assess and monitor the impact on a micro and macro level. There were many positives from both programmes and it was key to learn and build for the future.

·       In relation to the SPF programme, 2025/26 was a transition year and there were ongoing discussions between the UK Government and WG on the future of the programme from 2026 onwards.

·       Members congratulated all involved with the success of Arfor and the opportunities it had presented to so many people across Ceredigion. It was noted that Arfor in its current form would come to an end at the end of March 2025, and no confirmation had been received to date on its future.

·       Strategic harbour investment was a part of the Growing Mid Wales growth deal and had received support from the Board at the Strategic Outline Business Case stage. Due to factors outside the local authority’s control, the private business partner no longer operated. Discussions and a review of the proposals continued, with a view to re-submit the plans in the next 4-5 months.

·       Although 275 out of a target of 300 new businesses had been created, it was important to set an aim and continue with the ambition of having more businesses start than end. In addition, the number of businesses that employed 50+ members of staff in Ceredigion compared to the level nationally was very low, therefore there was an aspiration to improve this.

·       Due to the level of detail involved with the agenda item, it was suggested that the Committee had a separate meeting to discuss and focus on different elements of the Economic Strategy.

It was AGREED to note the content of the paper and its appendix, to review the information provided in the presentation at the meeting, and to provide reflections on the impact of the economic strategy as part of the wider review of its impact.