Local Economy - Reports and Forecasts
Local Economic Assessment
During Autumn 2008 Bedford Borough Council
commissioned GWE consultants to undertake a thorough analysis of
all aspects of the Bedford economy. This provides a useful baseline
and evidence base of need for the work of both the Economic
Development Unit and the Economic Theme Group of Bedford
Partnership Board.
What follows is a brief synopsis of the
information contained within the wider document. For access to the
full study please contact Lindsay Mitton, Economic Development
Manager (Regeneration) on lindsay.mitton@bedford.gov.uk
or (01234) 276918.
“The gravity and uncertainty of the current
situation makes it enormously difficult to predict the short,
medium or even longer-term prospects for the UK economy, and its
constituent sub-economies such as Bedford.
Overall, this analysis shows the Bedford economy
to be a relatively sizeable and relatively fast-growing economy
with employment strengths (in Education, Health, Construction and
Transport, storage and communication) and evidence of commercial
specialisation and clustering in niche areas (Technical testing and
analysis, Maintenance and repair of motor vehicles, Call centre
activities, Freight transport by road, Other construction work
involving special trades. Non-commercial areas of
specialisation include Adult and other education, Public security,
law and order, Other human health activities and Primary
education).
Despite the severe global economic uncertainties
experienced at the current time, Bedford should achieve a
relatively high rate of output and employment growth in the medium
to longer term, fuelled largely by a healthy range of competitive
advantages:
- relative low costs of
production, particularly through relatively low wages and
salaries;
- its own significant
population and labour supply growth (as one of the fastest growing
UK districts over the next 10 years);
- the impact of a major
series of recent and planned (and generally business-focused)
investments, particularly those aimed at securing the
competitiveness of Bedford Town Centre;
- Improved connectivity
with the major economic heavyweights of London, the South East and
the Midlands through vastly improved rail transport;
- It’s geographical
location in proximity to surrounding major centres of economic
activity and growth, surrounding major centres of knowledge
development and surrounding major centres/areas of housing
development, commercial development and infrastructure
development.
In realising its potential, key challenges for
Bedford include raising educational attainment at all levels
and participation post-16, particularly of young males.
Improving basic skills, workforce qualifications and lifelong
learning are also priorities, all of which can be improved by
further local activity aimed at encouraging Bedford’s employers to
make skills development central to their business plans and
increase their demand for skills at all levels. Tackling
crime and deprivation are key to Bedford’s future economic
successes, though both these tend to improve as education and
workforce qualifications (and hence employability) improve.
Finally, with Bedford’s tourism rates running at half of what they
should be, the development of projects such as NIRAH are essential
in addressing this particular local deficiency.
A series of activities are currently been
undertaken by Bedford Borough Council in helping to addressing
these priorities. These activities include major support for
business development, such as the Invest in Bedford initiative and
the management, operation and expansion of i-lab and i-kan.
Work is also being undertaken to modernise the commercial estate of
Bedford and provide a supportive and conducive environment for
business. Similarly, the Town Centre renaissance work should
help to secure the successful regeneration and redevelopment of the
Town Centre and its strategic sites. Other activities and
initiatives include marketing and promotional work and support for
tourism development. There are a series of initiatives aimed
at community regeneration, skills and participation and the
proactive improvement of the Council’s partnership arrangements,
both strategic and delivery. Finally, and through this
economic assessment and its ongoing revision and refreshment, the
Council is seeking to ensure an evidence-based approach to economic
development planning and strategy in the Borough.
Recession to Recovery
During autumn 2008 the Local Government
Association commissioned PACEC consultancy to undertake a
comprehensive piece of research forecasting the geographical
differences across the country with regard to the effects of the
current economic downturn based on a number of factors. These
include the experiences of different geographies during the
recessions of the 1970s and 1990s and looking at the vulnerability
of the current industrial structure.