New narrative from Western Gateway aimed at helping drive investment
South Wales and Western England is ready to deliver growth and drive the future economy of the UK, according to a new document from Western Gateway, which aims to drive investment into the area.
The economic narrative has been agreed by 28 local authorities, major universities, and dozens of businesses from across the area, which has a shared economy worth £129 million and a population of just under 5 million.
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Its strengths already 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 have bases in the area.
But the document showed the area is missing out on between £3 million and £9 million per business of private sector investment, when compared to other parts of the UK, and receives half the public sector investment of the Oxford-Cambridge area.
Sarah Jones MP, Minister for Industry and Decarbonisation, welcomed the document's publication.
"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," she said.
"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 Williams-Gardener, chair of the Western Gateway, added: "With the united strength of our businesses, local authorities, and universities, we are primed and determined to drive investment and accelerate growth.
"Investment is the fuel for growth, and we stand ready to collaborate across our region to make it a beacon for opportunity.
"Our area has long trailed behind other parts of the UK in attracting investment from private finance, I’m deeply encouraged by the leadership and vision we've seen in coming together to change this."
The Western Gateway is the pan-regional partnership for South Wales and Western England which reaches from St David’s to Swindon and the narrative comes ahead of this year’s convention for the organisation on October 17 this year.
The conference will launch the partnership’s plan for sustainable growth which will lay out how the Western Gateway aims to build on its strengths to become the UK’s fastest growing area outside of London.
