Report of the Strategic Director (Growth and Development) attached

The Executive considered a report of the Strategic Director (Growth and Development), which proposed a new Economic Strategy for Manchester, including a description of the economic context and the development process.

The Leader reported that Manchester had an ambition to grow in a fairer and more sustainable way whilst ensuring the city’s economy remained competitive, diverse and dynamic.  As such, a new Economic Strategy for Manchester had been developed that set out how Manchester would continue to achieve economic growth whilst ensuring that the benefits of growth were felt more evenly across the city.

The proposed strategy was built on a robust evidence base that took into account a range of information and perspectives. It showed that economic growth had been beneficial for Manchester, and that in many ways the city had economically outperformed its UK and international comparators.  At the same time it recognised that growth also created new challenges for the city, but that only by becoming a wealthier and more prosperous place could the city resolve some of the most difficult challenges it faced.

The vision for the strategy was to see Manchester’s economy function as a net-contributor to UK GDP and provide the best possible opportunities for our residents. In doing so, the strategy aimed to create an economy that:-

·                Was thriving and performing as well as the best international comparators;

·                Created great opportunities for people who live here;

·                Attracted the best of global business and talent;

·                Helped increase social mobility for our residents; and

·                Was resilient to future shocks and a changing climate and capitalised on the opportunities created by the transition to net-zero

The full strategy and its objectives were detailed in appendix 1 to the report.  The objective were fundamentally structured under five themes:-

    I.          Use investment and development to drive inclusive growth;

  II.          Nurture thriving, productive and innovative sectors;

 III.          Develop world class infrastructure, places and talent;

IV.          Transition to a zero carbon and resilient economy; and

  V.          Include more people in economic opportunity

The Strategy would ultimately be accountable to the Our Manchester Forum, the group which oversaw delivery of the Our Manchester Strategy, and which was made up of leaders from across the city.  It would also report periodically to the Council’s Economy and Regeneration Scrutiny Committee.  To measure success and track progress indicators that helped illustrate Manchester’s economic performance against national trends had been identified which would also help judge the extent to which Manchester residents were evenly benefitting from growth.

The full strategy would be designed and published by the end of November 2023 with a launch event taking place towards the end of the month.

Councillor Leech welcomed the strategy and the plans for additional 10,000 affordable homes  referenced within it,  but noted that this would not address the total number of affordable homes needed for Manchester residents.  He also sought clarification as to whether the priorities within the strategy had an equal ranking in relation to their delivery.

Councillor Johnson sought clarification as to what steps could be taken to mitigate the carbon impact on the city’s economic growth.

Decision

The Executive agree to adopt the new Economic Strategy for Manchester.