It has been 11 years since the publication of Perfectly Placed for Business, Hertfordshire’s Strategic Economic Plan (SEP) which set the blueprint for growth for the next decade and was last revised in 2019. Its vision to become one of the leading UK economies by 2030 was underpinned by these key priorities: * Maintaining global excellence in science and technology * Harnessing our relationships with London (& elsewhere) * Reinvigorating our places for the 21st Century * Foundations for growth Since then, significant progress has been made and the plan secured considerable private and public sector investment in Hertfordshire. In less than 10 years, GVA has grown by £10bn, generating over £46bn a year. Huge global pressures have also had an impact on the local economy with COVID, UK’s departure from the European Union, war in Ukraine and the Middle East, and a cost-of-living crisis. Changes to the wider political landscape on both a local and national level, and a new UK Government means that the time is right to develop a new economic strategy and help plan ahead for future growth.

In order to develop a more holistic and rounded definition of economic success, the strategy will consider wider issues surrounding social and health inequalities, reaching legal net zero and new housing commitments and safeguarding our natural habitats. It must also take into account global mega-trends such as AI and digitisation, ageing populations and geo-political risk and uncertainties. In so doing, the strategy will focus on three main pillars: innovation, inclusion and sustainability.

There are no public meetings planned during the engagement process, but there are a number of ways the public will be kept informed and can get involved. The website will be the central hub for developing the evidence base, accessing key documents and viewing feedback reports. We will be running a number of surveys via social media using the #ShapeHertsFuture. The draft economic strategy will also go out for public consultation ahead of its final publication.

This is an important part of the development and delivery of the emerging strategy. Local skills initiatives bring together employers, education, and training providers and other local stakeholders to set out the key priorities and changes needed. This will ensure post-16 technical education and training prepares employees better for work. In addition Hertfordshire Careers Hub enables greater collaboration between clusters of schools by linking Careers Leaders, Enterprise Advisers and our Cornerstone Employer Group (a network of local businesses).

• Businesses • Government bodies and Local Authorities • MPs • Strategic/Place Partnerships: • Education and Employer Groups • Major Transport Providers • Environmental Groups: • Investors and Developers • Health, Police and other agencies • Voluntary and Community Groups • Residents • Professional/Civic Bodies • Media

Over the summer and autumn 2024 we will be seeking the views from lots of organisations and individuals to help us to develop the strategy. This will take the form of place-based discussions at district and county level, business roundtables and public surveys. An Economic Strategy partner toolkit will also be developed to help ensure that the conversations are structured and meaningful with a clear plan for how this engagement will be used. This activity will build on the rich data that has been amassed over the past 10 years to help to develop a greater understanding of the strengths and challenges of the local economy and develop a roadmap for the future.