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The Future Plans to Boost Lancashire’s Economy

In North England, Lancashire is one of the largest local economies, with a population of 1.4million, the region generates over £23 billion in gross value added with 44,000 businesses that support nearly 615,00 jobs. The region has a rich industrial tradition. The LEP (Lancashire Enterprise Partnership) was set up in 2011 in order to support local economic growth by driving forward major initiatives. The LEP has managed to secure £232m from the European Structural and Investment funds, which will be used in the Lancashire Growth Deal, to increase productivity levels for key economic sectors and encourage sustainable employment growth.

Lancashire’s key sectors are advanced engineering, aerospace, automotive, manufacturing and energy. The region has always been at the forefront of economic change since the first Industrial Revolution. The recently agreed Lancashire’s Growth Plan should create 50,000 new jobs for the region over the next 10 years, which will push the employment rate in the region well above the UK’s national average. The Growth Plan will generate over £3billion to the local economy over the next 10 years, raising the value of Lancashire’s economy by 10%.

Lancashire’s key sectors have the potential to increase the region’s growth significantly, using its competitive advantage of right investment sites and infrastructure. There are numerous initiates that have been set up to support growth of the region. One of these initiates is The Preston, South Ribble and Lancashire City Deal, which was set up to release the economic potential of core locations within the region and secure a £340m Investment and Delivery Programme. This initiate is set to create more than 20,000 new private sector jobs and £2.3 in leveraged commercial investment and has also secured a 10 year funding allocation for transport. Another significant deal is The Lancashire Growing Places Fund which has allocated £20 million to invest in economic infrastructure. This deal has attracted £100m of additional investment and is lined up to created 3,000 new jobs and 4000,000 sq. metres of new business space.

The LEP’s Strategic Economic Plan will set out a strategic framework that will ensure a bright future for Lancashire’s economy. The goal is to secure the area as a natural home for high growth companies, reclaim Lancashire’s title as the key centre for advanced manufacturing especially in the aerospace and engineering sector.

Edwin Booth, Chairman of the Lancashire Enterprise Partnership (LEP) says

“The SEP will strengthen Lancashire’s position as one of the UK’s leading export centres, but we intend to capture new investment and employment opportunities in the international market place. By doing so, we will realise our potential as a destination of choice for new investors and growth businesses.”

He went on to say “In moving forward, the LEP and its partners are committed to providing the leadership needed to deliver the economic and housing growth that local communities in Lancashire require to prosper and thrive.”

Anderton Gables is a leading Property and Construction Consultancy firm, with offices in Lancashire’s town of Preston and Manchester City Centre. The commercial building surveyors have firm roots across Lancashire, Manchester and the North of England. Providing a vast range of commercial property services, such as dilapidations, pre-lease building assessment, schedule of condition, strategic advice, exit strategies and party wall matters, just to name a few. Anderton Gables is the local expert in Northern England, renowned for their commercial building services. National businesses trust Anderton Gables’ local knowledge to assist with commercial property matters within the region. Anderton Gables offers tailored commercial building surveying services to companies:  small, medium up to large high profile companies.

Andrew Whittle, a commercial property surveyor and Managing Director at Anderton Gables comments,

“It is with great thanks to the LEP that we are witnessing the beginning of a bright new future for our region of Lancashire, putting us back on the map for what we do best, we are thrilled to be serving our clients during this exciting period of growth  for Lancashire.”

For more information about Anderton Gables’ commercial building surveying services click here.