Agenda item

The Leader of the Council presented the report.

The report outlined several key changes of circumstances since the Economic Strategy was adopted in 2025. These included:

·       A reduction in the level of resources the Council has available to support economic development.

·       Local Government Review.

·       The publication of the UK’s modern industrial strategy by the Department of Business and Trade.

·       Creation of the Greater Lincolnshire Combined County Authority and the election for a Mayor in May 2025.

It was important the strategy aligned with the Combined Authority growth strategies. Consequently, the Council were aligning their strategies to maximise impact and attract funding resources into the District.

In light of these ongoing developments, it is appropriate for the Council to review the existing strategy and action plan to ensure it remained deliverable and aligned with the Council’s priorities and local/national ambitions.

The Economic Development and Inward Investment Manager was appointed in September 2025. The refreshed strategy would be brought to the Committee in May 2026 and to Cabinet for approval in July 2026.

Since September 2025, the Economic Development Team has continued to deliver actions in the strategy:

-       Working with Grantham Museum in the application for a grant from National Heritage Lottery Fund.

-       Supporting Stamford and Grantham in submitted expressions of interest to DCMS for the UK Town of Culture competition.

-       Facilitating a large skills summit attended by over 40 exhibitors and 1,000 Year 10 students from across the District.

One Member queried whether there were any indications on financial implications of Local Government Reorganisation on economic development within the District.

It was clarified that several Local Government Reorganisation briefings had taken place for Councillors. It was noted the new organisation following LGR would work with colleagues from GLCCA to establish plans for economic development, at that time.

Members praised the work of Claire Saunders, an Officer who had worked hard to assist Grantham Museum on a funding bid. 

Clarification was sought around the overall aims of the strategy. How much funding was allocated to economic development or whether the Council received funding from other organisations was queried.

The Leader of the Council confirmed there was a budget for economic development to pay for work carried out. There was a team of 3 colleagues in economic development. In the 2026/27 budget, £100,000 had been added to the Community Fund and £100,000 had been allocated for events.

The Assistant Director for Planning and Growth clarified the budget allowed certain events to take place within the action plan. The Team also facilitates conversations with other organisations in terms of learning and development to leverage economic benefits.

Further information was requested on whether there were any challenges with local stakeholder involvement. 

The Assistant Director for Planning and Growth highlighted the local economic forum was set up as part of the UKSPF funding process. The forum fed into how bids were analysed. The Council struggled with stakeholder engagement towards the end of the process.

The Leader of the Council noted the local economic forum was a requirement for the UKSPF funding and therefore, meetings had to take place. It was felt forums around networking and conversations could take place in a different way.

One Member requested feedback on the local economic forum be taken back to Government to provide reasoning on how the forum was not successful.

The Committee:

1. Noted the update on the Action Plan and refresh of the Economic Development Strategy (2024-2028).

2. Request a refreshed Economic Development Strategy be presented to the Committee in May.