Economic Development Strategies for Cumbria Post-Brexit
Cumbria focuses on strategic economic priorities including nuclear and energy excellence, advanced manufacturing, rural and visitor economy, and M6 strategic connectivity. Challenges like labor supply, skills, currency exchange, and loss of EU funding require attention. To thrive post-Brexit, Cumbria aims to refresh its economic plan, collaborate across sectors and regions, and enhance economic infrastructure, skills, and innovation to maximize opportunities and mitigate threats.
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Presentation Transcript
GRAHAM HAYWOOD CUMBRIA LEP DIRECTOR
STRATEGIC ECONOMIC PLAN PRIORITIES Nuclear and Energy Excellence Advanced Manufacturing Rural and Visitor Economy M6 Strategic Connectivity
NEW WORLD BREXIT INDUSTRIAL STRATEGY LOSS OF EU FUNDINGTO CUMBRIA FUTURE CURRENCY LEVELS
OPPS NUCLEAR & ENERGY -- Global Capability/ Key Energy Assets -- Foreign Investment/ Supply Chain ADVANCE MANUFACTURING -- Currency Exchange/ Export Benefits -- UK Self - Dependency
RURAL Move to less imports more home grown high quality products. Look to more added value within Cumbria. VISITOR - Currency Exchange/ Attract International Visitors / Global Products / World Heritage Sites.
THREATS LABOUR SUPPLY / SKILLS CURRENCY EXCHANGE INCREASES IMPORT COST LOSS OF EU FUNDS NOT REPLACED BY UK FUNDS OR DISTRIBUTED DIFFERENTLY TO CUMBRIAS DISADVANTAGE LESS ATTRACTIVE TO NON-UK INVESTORS WANTING TO HAVE FOOTHOLD IN EU
SO? Refresh Cumbria SEP to reflect new and emerging Government policies and post BREXIT economic funds Work with Sectors to maximise OPPS and minimise the threats/risks Continue to press on with improvements to Economic Infrastructure Roads, Rail, Ports/Airports, Digital; Skills; Science and Innovation; Housing that directly support our strong Sectors Collaborate with other areas Borderlands, LEP s across the Northern Powerhouse and across specialist sectors (Nuclear New Build Advanced Manufacturing)
