UK Government Minister, Sarah Jones MP, has welcomed the publication of the Western Gateway new economic narrative which aims to drive investment into the area.
28 Local Authorities, major universities and dozens of businesses from across South Wales and Western England have come together through the Western Gateway to agree this shared narrative which looks to place the cross border area at the heart of the UK’s future economy.
This document follows research which showed the area is missing out on between £3-£9 million per business of private sector investment, when compared to other parts of the UK, and receives half the public sector investment of Oxford-Cambridge area.
Led by the Western Gateway Partnership, this narrative is based on independent research which demonstrates the area is ready to deliver growth and drive the UK’s Future Economy.
The Western Gateway Partnership is the Pan-Regional Partnership for South Wales and Western England. With a shared economy worth £129bn and a population just under five million people, the shared narrative highlights that together the area has world leading strengths that could be essential to driving growth in the UK’s economy.
These strengths include the strongest cyber economy in Europe, the most powerful computer in the UK and 14 of the 15 largest aerospace manufacturers in the world having bases within the area. Combined with a highly skilled workforce and a relatively low reliance on state funding, the area is ready to develop and attract the talent needed to grow these industries.
“Economic growth is this government’s top priority, that’s why we’re working with both public and private sectors to help unlock the full potential of UK industry, helping us to compete on the global stage.
The growth we’re seeing in the Western Gateway area is impressive and I thank this partnership for working with local authorities and businesses in driving investment to create the long-term, sustainable growth we need for our economy.”Sarah Jones MP, Minister for Industry and Decarbonisation
Sarah Williams-Gardener, Chair of the Western Gateway, said: “Together with business, local authorities and universities from across our area, we are ready to work in partnership to shout about the best of what our area has to offer to champion investment and deliver growth. We know that investment is the fuel for growth and are ready to collaborate across the area to ensure we can become as attractive to investment as possible.
“Our area lags behind other parts of the UK for investment from private finance. We are ready to join together to attract and unlock that investment working in partnership with Government in Wales and the UK.”
Cllr Huw Thomas, Leader of Cardiff City Council and Vice Chair of the Western Gateway, said: “On behalf of my other board members, I’m very proud to be able to support this narrative. The economic research undertaken by our partnership has shown the Western Gateway area is likely to grow faster than any area outside of London over the next ten years. To secure and further this we have created a bold plan of what we can do together, but also what we need from Governments to deliver our potential.
“Our geography represents the most economically active parts of Wales and the Southwest of England. With nearly 100,000 journeys across the Severn Bridge every day for work, family and leisure, we represent a natural economic geography. This plan can deliver for our area, building on the great work of business, communities and local government and showing that together, we are stronger than our constituent parts.”
This narrative comes ahead of the 2024 Convention for the Western Gateway on the 17th October. This large-scale business conference will launch the partnership’s Plan for Sustainable Growth which will lay out how the Western Gateway will aim to build on it’s strengths to become the UK’s fastest growing area outside of London.
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