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Plan sets out new ambitions for city’s economic growth

Published on Thursday, December 8, 2016

RENEWED plans and a more ambitious vision for Leicester’s economic growth over the next four years are set to come into action.

City Mayor Peter Soulsby will set out his ambitions to attract more investment into the city, create thousands of new jobs and promote and keep Leicester on the international map, at the launch of the city’s new Economic Action Plan tomorrow (Friday 9 Dec).

Originally launched in 2012, the Leicester Economic Action Plan detailed the city's aims for job creation, inward investment and business support up until 2020.

Many of the targets set then have already been reached, or bettered, and a new plan – called ‘Leicester: Great City’ – has been developed with more ambitious goals for the next four years.

The new plan sets outs ambitions to attract £50milllion of new inward investment, create over 4,000 new jobs and apprenticeships, build 6,800 new homes, continue the transformation of the city centre and unlock potential for future growth in key regeneration areas such as Waterside and the Science Park.

City Mayor Peter Soulsby said: “I am incredibly proud of what has been achieved in the city since we launched the first Leicester Economic Action Plan back in 2012.

“With the discovery of a king and a premier league triumph that provided the greatest underdog story in sporting history, Leicester has attracted the sort of global attention that we have never before seen.

“The city centre is being transformed and plans for major regeneration in other parts of the city are well advanced. We have seen major inward investment and thousands of new jobs created, with major firms now choosing Leicester as a base to grow their business.

“Leicester is riding high and there is a new confidence in the city. Our success has been down to strong partnerships and a shared ambition to see Leicester prosper and that will continue.

“The Economic Action Plan has helped to guide and support the city’s growth since 2012. This new plan builds on that. We have set even more challenging targets for the next four years that will ensure Leicester continues to thrive as a great place to live, work and invest in and a fantastic city to visit.”

In 2012, the Economic Action Plan set a target to secure £60milllion of investment to support jobs and growth in the city. Over £100milllion has already been invested, and the council is now aiming to double that by 2020.

It has supported the creation of over 5,100 new jobs since 2012, with at least 3,000 more planned for the next four years.

Apprenticeship targets have been smashed. Over 880 new apprenticeships have been created since 2012, over four times the plan’s original target of 200. The plan sets a new ambition of 1,000 more new apprenticeships by 2020.

Over 1,900 local businesses have been supported so far, with grants ranging from £1,000 to £1million. The new plan aims to help 1,500 more local firms, almost doubling the 2012 target.

It also includes major development planned at Waterside, Ashton Green and Pioneer Park, all of which will provide new infrastructure to unlock future economic growth.

The new Leicester Economic Action Plan will be launched to an audience of representatives from local businesses, universities and other key local organisations at a breakfast event at City Hall.

The new plan will be available to view online at www.leicester.gov.uk/citymayor