On the same week as the UK’s International Investment Summit, and in response to the Prime Minister’s National Mission for economic growth, a cross-party and cross border group of local authorities and businesses are gathering in Newport to launch a “Plan for Sustainable Development” to add an extra £250bn to the UK economy by 2050.
The Plan is being launched at the 2024 Convention for the Western Gateway yesterday, which brought together 700 business, university, and local leaders to define how the area can create growth whilst reaching Net Zero, supporting innovation, protecting nature, increasing investment and improving public transport.
The plan sets out how South Wales and Western England can deliver against the Prime Minister’s national mission for growth by increasing investment, unleashing innovation, connecting communities, and improving the area’s recognition worldwide.
It also calls on both UK and Welsh Government to partner with this cross-border region to achieve this growth with thirteen practical asks.
This work has been led by the Western Gateway, the Pan-Regional Partnership for the area.
The partnership has recently published independent research which shows that the cross-border area is likely to be the fastest growing region outside of London over the next five years, adding an extra £11bn to the economy every year. It also showed that on average businesses across the area misses out on between £3-9m of private sector investment every year when compared with other areas.
Both Rebecca Evans MS, Welsh Cabinet Secretary for the Economy, and Dame Nia Griffiths MP, Parliamentary Under-Secretary of State for Wales pledging their support for the work of the partnership on behalf of UK and Welsh Government.
The plan is a unique example of collaboration across regions and is backed cross-border and cross-party group of local leaders and businesses.
SSE Energy Solutions, the UK and Ireland’s leading energy infrastructure expert, are sponsoring the Convention. They are part of SSE, a leading electricity infrastructure company, which has announced plans to invest up to £40bn in the UK and Ireland over the next decade.
At the event, the company will announce their support for the work of the partnership through a new agreement with the Western Gateway.
Nathan Sanders, Managing Director for SSE Energy Solutions, said: “Strategic collaborations, like our new partnership with the Western Gateway, are vital to accelerating the net zero transition and delivering meaningful social value for communities across the UK.
“By leveraging our collective industry expertise and resources, we can fast-track the deployment of affordable, clean, and reliable energy solutions for communities and businesses throughout the Western Gateway, stimulating sustainable economic growth and creating green jobs.
“We see huge potential to drive clean economic growth at scale in the Western Gateway.”
