Western Gateway Unveils Economic Narrative to Drive Investment and Growth

UK Government Minister Sarah Jones MP has welcomed the Western Gateway’s newly published economic narrative, aimed at boosting investment in South Wales and Western England.

This collaborative effort involves 28 local authorities, major universities, and businesses across the region, with the shared goal of placing this cross-border area at the forefront of the UK’s future economy.The new narrative follows research indicating that the region is missing out on £3-9 million in private sector investment per business and receiving half the public sector investment of comparable regions like the Oxford-Cambridge corridor. This underinvestment is holding back economic growth, but the Western Gateway Partnership, a pan-regional collaboration, is determined to change this.

With an economy worth £129 billion and a population nearing five million, the region boasts significant assets, including Europe’s strongest cyber economy, the UK’s most powerful computer, and 14 of the 15 largest aerospace manufacturers. Additionally, the region benefits from a skilled workforce and low reliance on state funding, making it primed for substantial economic growth.

Quotes

Minister for Industry and Decarbonisation, Sarah Jones MP praised the partnership:

“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 emphasized the region’s potential:

“With the united strength of our businesses, local authorities, and universities, we are primed and determined to drive investment and accelerate growth. This narrative marks the beginning of our mission to transform our region and attract the investment needed to unlock our full potential.”

Cllr Huw Thomas, Leader of Cardiff City Council and Vice Chair of the Western Gateway echoed these sentiments, noting:

“Our geography represents the most economically active parts of Wales and the Southwest of England. This narrative highlights our shared strength and will help investors understand the vast opportunities within our region.”

Plan for Sustainable Growth

Coinciding with the unveiling of the economic narrative is the Plan for Sustainable Growth, a roadmap for transforming the region into the UK’s fastest-growing economy outside London. Key components include:

Enhancing Innovation: Connecting industry clusters to foster cross-sectoral collaboration, particularly in advanced manufacturing, fintech, green energy, and cyber security.
Improving Connections: Expanding physical and digital infrastructure to ensure equitable growth across the region.
Boosting Recognition: Promoting the area as a global leader in key sectors and attracting further investment.

The Plan for Sustainable Growth builds on the region’s green energy potential, innovative hydrogen projects, and cyber security expertise. If implemented, this plan aims to add £11 billion to the UK economy annually over the next five years.

The narrative and the plan will be key topics at the 2024 Western Gateway Convention on October 17, where further strategies for driving sustainable growth will be discussed.

Click here to read the full Plan for Sustainable Growth PDF.