A far-reaching strategy that will help drive economic prosperity in Somerset over the next 20 years is published today.
The Somerset Economic Prosperity Strategy 2025-2045 sets out a clear vision, and priorities to bring about a significant change in economic prosperity in Somerset. It aims to build a thriving, fair and green Somerset economy that leads the UK on low-carbon energy, aerospace and defence, high-value manufacturing and digital and data.
The Strategy, adopted by Somerset Council’s Executive, has been shaped by the Somerset Economic Growth Board – comprising representatives from local businesses and employers, business representative organisations, Further Education Colleges and Somerset Council – with business and stakeholder insight as well as a comprehensive evidence base also informing the Strategy.
Councillor Mike Rigby, Somerset Council’s Lead Member for Economic Development, Planning and Assets, said:
“This Strategy signals a new chapter in Somerset’s economic journey. This Strategy is not just about growth, but good growth; growth with fairness and a commitment to the environment at its heart, where everyone has opportunities to fulfil their potential and improve their lives, and where resources and impacts on our environment and climate are well managed. Our vision is ambitious, but I am confident Somerset can continue to achieve great things.”
Harry Singer, Chair of the Somerset Economic Growth Board, said
“This Strategy provides a framework for all of us here in Somerset to galvanise around to champion and drive forward the Somerset economy. The Somerset Economic Growth Board and I are excited to play our role in taking the Strategy forward”.
Somerset has an economy of around £14.1 billion and can already count strengths such as:
- £4 billion of investment in Gravity Enterprise Zone;
- £5.3 billion of local spending from construction of Hinkley Point C nuclear power station that will provide clean energy to 6 million homes;
- 80% of working age residents economically active; and
- Good connectivity with the M5 and A303, rail links and proximity to Exeter and Bristol airports
The Strategy seeks to build on this foundation and to go much further, with goals, by 2045, to:
- Significantly increase higher-level skills, earnings and productivity;
- Lift10,000 people out of economic inactivity;
- Transform our deprived communities and ensure their residents are included in Somerset’s future; and
- Support achievement of carbon neutrality and net zero targets
The Strategy says Somerset has the potential to become a nationally-significant low-carbon energy innovation cluster capitalising on the £4bn investment by Agratas in the Gravity Enterprise Zone to develop an industrial battery cluster, maximising the benefits and legacy of Hinkley Point C, and championing opportunities for tidal energy generation including the West Somerset Tidal Lagoon.
The county is well-placed to play a leading role in delivery of next-generation aerospace and defence technologies, as well as to attract, and maximise benefits of, data centre investment.
The Strategy also highlights the importance of supporting competitiveness and growth of Somerset’s significant high-value manufacturing sector as well as driving productivity and sustainability in agriculture and food, cultural and creative industries and the visitor economy.
Building an aspirational workforce, stimulating and supporting enterprise and innovation, fostering economic opportunities in all our communities, and putting in place the infrastructure for success are also all seen as crucial.
The Somerset Economic Prosperity Strategy is a focus for the upcoming Invest Somerset Showcase events. Details of events and how to engage can be found at https://www.somerset.gov.uk/business-economy-and-licences/invest-somerset/
