Economic Development

THAMES VALLEY BERKSHIRE PLOTS LONG-TERM ROADMAP

Key role for sectors in driving region’s growth

Words by Sam Pither

Last year the Thames Valley Berkshire Local Economic Partnership (TVB LEP) published its recovery and renewal plan – a five-year blueprint consisting of three stages.

The first stage, which it dubbed “recovery” focused on keeping businesses afloat during the pandemic. The second phase, “renewal”, was initially expected to take six to 18 months with “growth” the final stage, planned for a time period ranging between two to five years.

Tim Page, Head of Economic Strategy and Research at TVB LEP, said: “Change is constant and adapting to change is going to be where businesses will be situated. The LEP’s job is to walk them through that and make sure that as those changes take place, we create the best possible environment for them to operate in.”

Earlier this year, the LEP redeveloped its Berkshire Growth Hub website offering business support in one place to all SMEs who are starting, running and growing.

Frances Campbell, Head of Business Environment at TVB LEP, said: “The Growth Hub is funded by government and delivered by the LEP. This year the LEP has invested additional funds from its own reserves following a reduced package from government, because we recognise the importance of providing a consistent offer to businesses.”

The LEP has also been planning its future business support. It aims to collaborate with the six Berkshire unitary authorities to deploy some of their allocation of the UK Shared Prosperity Fund and provide enhanced business support through the Berkshire Growth Hub. The Hub will launch two new programmes including a Berkshire start-up programme and a high growth programme this year.

Berkshire businesses are also supported by the LEP through its Thames Valley Berkshire Funding Escalator, run by the FSE Group, which delivers funding to highgrowth businesses.

The £11.3 million Funding Escalator offers expansion and short-term loan schemes and an equity growth fund to high growth potential businesses who may struggle to access conventional finance.

Sectors including the film industry have a key role to play in the region’s economic growth

Frances Campbell, Head of Business Environment at Thames Valley. Berkshire

Sectors

To encourage greater collaboration between different sectors of Berkshire’s economy, the LEP is also developing an enterprise and innovation ecosystems strategy.

Frances explained: “We have four main sector specialisms in Berkshire: digital tech, life sciences and healthcare, energy and environment and the new emerging creative sector, with Shinfield Studios just one of a number of new film and TV studios in the area.

“We think there’s opportunity for strengthening and nurturing clusters of businesses in these sectors and the connectivity between them to support innovation and generate jobs, growth and productivity.”

The LEP is working with the University of Reading and councils to support the region’s film ambitions.

Frances said: “We’ve got a very close working relationship with the University of Reading and its Knowledge Transfer Centre acts as a front door for companies looking to engage with it.

“This extends to the film industry where the LEP is also working with Studios and Wokingham Borough Council to establish a purpose-built creative sector skills hub, offering qualifications ranging from short, specific courses to master’s level in response to that sector’s need for talent.”

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