Business

Business Board approve updated Local Economic Recovery Strategy

The Business Board, the region’s Local Enterprise Partnership, have approved an updated version of the Local Economic Recovery Strategy (LERS) for Cambridgeshire & Peterborough.

In early 2020 Government asked Combined Authorities to develop recovery strategies, The Economic Recovery Strategy Group (ERSG) was formed to respond to the Economic and Business Impacts of COVID-19 and to support economic recovery planning.

The ERSG brought together economic, policy and business expertise to co-create a LERS for Cambridgeshire & Peterborough in September 2020, the strategy was then subsequently updated in November 2020, based on further and more in-depth impact analysis.

The context of the LERS in March 2021 is very different now than it was in the Autumn of 2020, the strategy has continued to evolve to reflect the economic impacts of the pandemic and now includes:

  • New response actions and support schemes that Local Authorities have put in place, with Government and unilaterally since November 2020.
  • The need for renewed support for reopening as restrictions are lifted
  • Clearer objectives for each phase – e.g. continuing to protect jobs and viable businesses whilst also supporting investment in future skills and retraining.

The updated LERS also builds the case for future support from Government, including through the shared prosperity fund, by being clear about how different parts of the Cambridgeshire and Peterborough economy are priorities for levelling up, overall UK growth and recovery and zero carbon transition.

Austen Adams Chairman of the Business Board said: “Our recovery strategy has now evolved to reflect the economic impacts of the pandemic and we can now look to the future with greater certainty following the recent roadmap out of restrictions.

“The interventions set out in the strategy ensure this iteration of the LERS not only supports the ongoing economic response but also has a clear longer-term vision for recovery across the region.

“We now have clear objectives for each phase of our recovery and for the Business Board they are centred on continuing to protect jobs and viable businesses whilst also supporting investment in future skills and retraining.

“The Business Board, together with the Combined Authority, Local Authorities and Business Leaders will be working together to implement this strategy to make the region a better place for learners, workers and businesses leaders.”

James Palmer, Mayor of Cambridgeshire and Peterborough said: “This version of the LERS has leveraged the wider range of data available to us now than when the first version of the strategy was produced.

“The updated document highlights the impacts of the second wave of the COVID-19 pandemic, which were greater for almost all parts of the local economy than the initial wave.

“The successful vaccine roll out has given everyone a boost and as restrictions start to ease over the coming weeks and months, we are confident that this version of the LERS can be used to deliver a strong and swift recovery across Cambridgeshire and Peterborough.”

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