Employment and skills
- East of England has total employment of 2,577,000, with 2,147,879 in private sector employment – making the region one of the highest for private sector employment.
- The East of England also has one of the lowest unemployment rates amongst 16-24 year olds at 17.9% (against a national average of 21%).
- And one of the lowest unemployment rates for 25+ year olds at 4.9% (against a national average of 5.7%) • 89,700 have entered the Work Programme in the two years from June 2011.
- Since 2010 over 130,000 apprenticeships have started.
- 434 Academy schools have opened since 2010.
Business
- The East of England has the largest number of private sector businesses in England (505,405 in 2013) outside of London and the South East.
- There were 47,500 business start-ups in the East of England in 2012, compared to 46,500 in 2010 – making the East the only other region in England apart from London and the South East to show an increase.
- Nearly £2.5m of start-up loans have been distributed in the region, and 4,190 National Enterprise Allowance claimants have started work alongside a business mentor.
- Exports for the first half of 2010 to first half of 2013 saw an increase of 9%. Key export markets showing strong year on year growth: the USA (up 22.9% at £3.65bn); India (up 13.7% at £324m; China (up 8.6% at £751m) and Brazil (up 7.6% at £153m).
Homes and infrastructure
- First Time Buyer mortgage lending is now at 4,000 for the first half of 2013 up over 17% from 3,600 in the same period in 2010.
- There were 8,039 new build approvals in the first half of 2013 and a further 3,355 new homes were registered in the most recent quarter.
- Key infrastructure projects are bringing further economic benefits to the region:
- A £24.5m flood defence scheme for Ipswich will protect 1,500 homes, 800 business and create 4,000 new jobs
- £102m funding for the widening of the A11 to create an uninterrupted dual carriageway from London to Norwich when it is completed in Winter 2014/15.
- £126m funding for a new dual carriageway in Bedfordshire which will link the A5 and M1 near Dunstable – open for traffic in 2015/16.
- As rural broadband is being rolled out nationwide, Norfolk was selected to pilot the Fast Start initiative.
- Two Essex power plants have been prequalified for Government guarantees: Gateway Energy Centre and Tilbury Green Power
- £327m funding for M1 J10-13 in Bedfordshire: first managed motorway section to be opened to traffic outside the Midlands in December 2012
- Great Yarmouth and Lowestoft CORE (Centre for Offshore Renewable Engineering) has developed skills-based programme to ensure that the area’s strong energy sector skills base is passed on so local workforce continue to meet the needs of the industry in the future (see quote from James Gray below).
- St John’s Innovation Centre – innovation in Cambridgeshire and support for high growth businesses across the region including strategic business advice, training and introductions for start-ups, micros and SMEs, through the Growth Accelerator programme (see quote from David Gill, MD, below).
- Haverhill Business Park – £4m contribution in a joint venture between Greater Cambridgeshire, Greater Peterborough and New Anglia LEP
- Alconbury Alconbury Enterprise Campus and Alconbury Weald, Huntingdon – 11 million sq ft of development was approved Monday 21st October. The project provides for 8000 jobs, 5000 homes and will bring growth to the area over the next 2 decades.
Regional voices have their say
Grahame Nix, Chief Executive, Greater Cambridge Greater Peterborough LEP commented: “These figures once again show the strength of the economy in the Greater Cambridge Greater Peterborough area. Whilst there are variations within our patch, we believe that our businesses have the potential to make a significant positive impact on the UK economy as a whole. Through our work on skills for businesses, our support of the A14 upgrade, the development of Alconbury Enterprise Zone, and a number of successful projects we have managed to unlock thanks to the provision of Growing Places Funding, we believe that there is much more positive economic news to come from our area in the future. We look forward to building on this continued growth when we submit our Growth Strategy before Christmas.”
John Bridge OBE, Chief Executive of Cambridgeshire Chambers of Commerce and LEP Board Member, commented: “The figures speak for themselves and we believe are reflective of the increasingly positive outlook across the business community. Our own members tell us that they are now feeling optimistic about the future and, crucially, that businesses are starting to spend again. This is echoed in the recent results of the British Chambers of Commerce Quarterly Economic Survey for Quarter 3, which reported significant increases in business confidence in turnover and profitability, particularly in the services sector. This confidence is an essential ingredient to ensure economic growth and the region’s capability to continue to lead the economic recovery. “Our own figures here at the Chamber also demonstrate that companies are being proactive in creating and seizing opportunities to trade overseas. The value of the export documents we processed in the three months to September 2013 were up 38.35% compared to the same period the previous year. It is excellent to see so many forward-thinking, innovative companies recognising the opportunities provided by overseas markets.”
Denise Rossiter, Chief Executive Essex Chambers of Commerce, commented: “We are definitely seeing a lot more positivity from our members across the county who are reporting increasing confidence from their customers, whether other businesses or the general public.
“Our International Trade Department has seen a steady increase in export documentation whilst one of our major members, Claridon Group, recently became the first UK company to open an office in Myanmar (Burma).
“With the London Gateway container terminal due to open any day now we expect to see even more growth in exports through our county’s ports and airports”
David Gill, Managing Director, St John’s Innovation Centre, Cambridge commented: “Activity around greater Cambridge has been strong in the past 18 months for start-up and growth companies. Investment in early-stage, innovative firms – a sweet spot for Cambridge – has been helped by the Enterprise Investment Scheme and more recently by Seed EIS. High-growth companies in all sectors are accessing bespoke support through GrowthAccelerator. Research-intensive firms regularly take advantage of R&D Tax Credits, with many also now turning to the new Patent Box regime to reduce corporation tax on commercial innovation. As a result, St John’s Innovation Centre is full, and overseas commercial interest in the Cambridge market is lively”.
Liz Basing, East of England Regional Director for UKTI, commented: “The East continues to show a healthy export performance, particularly in some of the most exciting and growing markets making it easier for companies of all sizes to achieve high levels of growth. These growing economies offer significant potential both now and importantly into the future, and the East of England is ahead of the game in embracing them.”
David Boorman, Director at Enval, Cambridge, commented: “Enval is a perfect example of the positive impact of several government supported initiatives. The patient backing of COIN and the AngelCoFund has helped to bring some highly innovative technology to market that will make a positive environmental and carbon-reducing impact while building a valuable knowledge-based business with strong export opportunities. Furthermore, choosing to site our full-scale demonstration unit at the Enterprise Zone at Alconbury near Huntingdon has also delivered benefits to Enval. We were delighted with the support provided to us in dealing with local planning requirements. It is fair to say that these initiatives have played a major role in the development of Enval from its beginnings as a University spin-out”.
Claire Ruskin, Chief Executive of the Cambridge Network, commented: “Cambridge companies are continuing to grow revenues; large and small they are innovating and developing products, then selling successfully around the world. Cambridge companies have been taking on employees to support their growth throughout 2013, and Cambridge Network has helped over 3,400 candidates through its shared recruitment site this year, to match applicants with the range of jobs that have been advertised at any one time this year.
“Hi tech engineering and software, wireless and bio tech businesses continue to flourish in particular, and these all contribute to our very low unemployment levels of 2.3% in Cambridge. The employment trend has been upwards quarter by quarter this year, and the number of vacancies we have advertised for members has doubled in Q3 2013 compared with the same period last year. Applications have more than doubled, from 1,800 to 4,400 as people have realised that living and working in Cambridge gives them so many opportunities to succeed. The top 50 companies around Cambridge took on an additional 5,900 employees last year and we expect to significantly exceed that in 2013. Cambridge and its thriving economy helps UK plc grow out of recession with tangible and sustainable innovation leading the way.”
James Gray, inward investment director for the East of England Energy Zone and EEEGR (East of England Energy Group), said: “The chance to be included as one of only six Centres for Offshore Renewable offered an excellent opportunity for Great Yarmouth and Lowestoft. It is certainly helping to boost the region’s profile internationally and with Government departments.
“It also reflects the importance the Government attaches to the region as an energy leader which can play a key role in the development of the nation’s renewable energy sector.
“Already there have been high level events at key British Embassies including Madrid, Paris, The Hague and Copenhagen where the COREs – including Great Yarmouth and Lowestoft – have been singled out for promotion to leading European companies in the offshore wind sector. This also gave local companies the opportunity to network with potential customers and partners.
“We are developing a further series of CORE events with UK Trade Invest and DECC which will significantly help establish Great Yarmouth and Lowestoft at the forefront of the UK’s renewables and wider energy sector.”
Peter Jones, Chairman of the South East LEP, covering Essex, Kent and East Sussex: “The South East Local Enterprise Partnership area is rich with opportunities for economic growth. These figures show that the innovative work of government, businesses, councils and other public sector organisations is helping our local and national economies head in the right direction. “There is still a long way to go – but our ambitious plans to attract £5 billion of investment to our area to stimulate growth and create more jobs over the next ten years will see us build on the foundations we have laid down. We have an important challenge ahead of us and I am confident we will deliver the growth this country needs.”
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