Economic development

Suffolk’s economy is our key priority

Suffolk County Council, working in partnership with public, private and voluntary sector organisations, can bring about real and tangible improvement to the well-being of communities by working on both sides of the economy: supporting the conditions for economic well-being and supporting businesses and citizens to grasp opportunities.

Our vision is to ensure that Suffolk’s economy and environment continue to meet the rising demands of the 21st Century in a sustainable fashion through the implementation of the new Economic Regeneration Strategy complementing the work of Local Strategic Partnerships and Local Economic Partnerships.

Suffolk County Council works on many diverse areas affecting the economic and social wellbeing of Suffolk and it’s people, for example:

• we have created and operate a network of business development centres that provide high quality office and workshop accommodation for start up and growing micro businesses at workspace centres across the county, located at Lowestoft, Leiston, Sudbury and Hadleigh;
  
  
• the latest workspace opened in 2004 and provides the first integrated centre for business, childcare and distance learning for Hadleigh. Workshop sizes vary between 14 and 70 square metres, with units offered on ‘easy in/easy out’ terms, avoiding the need for a significant up front financial commitment from start up businesses. Analysis has shown that start up businesses based in centres such as these have a higher survival rate (90% after 18 months against the national average of 60%);
  
  
• in partnership with EEDA, SDA and other agencies helped create Foundation East (formerly Suffolk Regeneration Trust), a countywide community development finance initiative that lends money to social enterprises and small businesses;
  
  
• we direct clients to relevant business support/enterprise agencies such as Business Link, Suffolk Development Agency, Ipsenta, Menta, NWES and others;
  
  
• we have provided significant support in the creation and development of the new Urban Regeneration Company for Lowestoft and Great Yarmouth;
  
  
• Suffolk County Council is an active partner in the Haven Gateway – one of the fastest growing sub-regions in Britain that promotes port-based commerce and marine services;
  
  
• Suffolk County Council chairs a countywide partnership that examines the problems faced by rural retailers. This partnership group reports to the Suffolk Development Agency’s rural economy working group, enabling direct lobbying to take place on important issues.

Suffolk’s Local Area Agreement, Block 4 – Prosperity for all

Local Area Agreements (LAAs) represent a fundamental change in the relationship between central government and local areas, to devolve greater decision-making and flexibility to the local level so that joint action on local priorities and problem areas will deliver real improvement in quality of life.

The LAA is a three-year agreement between central government and local authorities and their local partners. The LAA is made up of four blocks. The agreement sets out with the county council, district councils, health, police, other statutory agencies and voluntary sector the priority outcomes and targets to be met, and also the freedom and flexibilities to join up budgets and services in innovative ways that address specific local needs to add real and lasting benefits. One of the principal gains of the LAA is the ability to pool budgets and government funding streams in order to direct funding towards local issues outlined within the agreement. 

In Suffolk we saw this as an ideal opportunity to address the broader issues related to sustainable economic development and so this block also includes targets around sustainable housing and transport. 

Economic development issues can only be addressed effectively through a consideration of the broader picture within the county. For example, enhancing a culture of enterprise, raising levels of enterprise and entrepreneurship and raising aspirations is a means of addressing issues of job opportunities and an important step towards achieving a robust and entrepreneurial economy. For more information, please visit the following LAA site.

2007-08 is the final year of this current 3 year LAA. Shortly partners through the accountable bodies group and the block boards will begin negotiating with central government for LAA2. More information will be available over the coming months.

 
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