Decision details

The purpose of this report is to set out the Council’s Economic Recovery Plan in response to the Covid-19 pandemic.

The Council’s Economic Recovery Plan forms part of a Recovery Framework which was presented to the Executive on 3 August 2020.

The economic impacts resulting from the lockdown associated with Covid-19 is self-evident as more data and reports on the scale of the impact emerge each day. The consequences for the public finances, businesses and households have been and will continue to be severe and drawn out, although as yet not fully understood. Local Authorities can play a role in leading the way and respond to the challenge with imagination, determination and flexibility.

The Plan has been informed by a detailed data and baseline analysis review of the Borough’s economy in responding to the Covid-19 pandemic.  It sets out recommendations on the actions required to guide the economic recovery of the Borough over the short-term (12-18 months).

The Plan includes a package of measures to be delivered by the Council and its key strategic partners to enable businesses to trade, restore business, build consumer and community confidence and to provide support to those who have lost their jobs.

The Plan aligns with economic actions that support the delivery of projects set out in the Council’s Public Spaces, and Community recovery plans. 

The Economic Recovery Planis structured as follows:

Part 1: sets out a review, assessment and understanding of the impact of Covid-19 on the local economy;

Part 2: provides an economic recovery framework and priority interventions to address these impacts in the short-term (12-18 months), and

Part 3: sets out implications and scenarios for the long-term to build future resilience against the backdrop of wider structural shifts brought on by the pandemic.

Working with colleagues in PR and Marketing, the agreed text of the Plan will be designed to ensure it provides an accessible and effective communication document prior to it being shared with key partners and the business community.

RESOLVED that the Executive approves the Covid-19 Economic Recovery Plan and the following actions therein:

      (a)       to agree the five priority action plan areas within the Businesses and sectors, Town Centre and District Centres, Investment Projects, People and Communities, and Consultation and Communications themes;

      (b)       to note that £103,270 has been allocated to the Council to support the delivery of the European Union Development Fund’s Opening High Streets Safely action plan;

       (c)       to agree for £14,000 from the Economic Development budget in 2020/21 to support the delivery of the action plan;

      (d)       to agree a growth budget allocation of £31,000 in 2021/22 for the delivery of the remaining themed action plans; and

      (e)       to note that officers will identify and apply for eligible national and regional funding opportunities to minimise the growth budget allocation above and will review its internal budget allocations to steer, where possible, existing resources to help deliver the agreed actions.