UK Government Minister Sarah Jones MP has welcomed the publication of the Western Gateway new economic narrative which aims to drive investment into the area.
28 local authorities, major universities, and dozens of businesses from across South Wales and Western England have come together through the Western Gateway to agree this shared narrative which looks to place the cross-border area at the heart of the UK’s future economy.
This document follows research which showed the area is missing out on between £3 million and £9 million per business of private sector investment when compared to other parts of the UK, and receives half the public sector investment of the Oxford-Cambridge area.
Led by the Western Gateway Partnership, this narrative is based on independent research which demonstrates the area is ready to deliver growth and drive the UK’s Future Economy.
The Western Gateway Partnership is the Pan-Regional Partnership for South Wales and Western England. With a shared economy worth £129 billion and a population of just under five million people, the shared narrative highlights that together the area has world leading strengths that could be essential to driving growth in the UK’s economy.
These strengths include the strongest cyber economy in Europe, the most powerful computer in the UK and 14 of the 15 largest aerospace manufacturers in the world having bases within the area. Combined with a highly skilled workforce and a relatively low reliance on state funding, the area is ready to develop and attract the talent needed to grow these industries.
Sarah Jones MP, Minister for Industry and Decarbonisation, said:
“Economic growth is this Government’s top priority. That’s why we’re working with both public and private sectors to help unlock the full potential of UK industry, helping us to compete on the global stage.
“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, said:
“With the united strength of our businesses, local authorities, and universities, we are primed and determined to drive investment and accelerate growth. Investment is the fuel for growth, and we stand ready to collaborate across our region to make it a beacon for opportunity.
“Our area has long trailed behind other parts of the UK in attracting investment from private finance. I’m deeply encouraged by the leadership and vision we’ve seen in coming together to change this. This narrative marks the beginning of our mission to transform our region, and to attract and unlock investment working hand-in-hand with the Welsh and UK governments to unleash the full potential of investment and growth.”
Cllr Huw Thomas, Leader of Cardiff City Council and Vice Chair of the Western Gateway, said:
“On behalf of my other board members, I’m very proud to be able to support this narrative. The economic research undertaken by our partnership has shown the Western Gateway area is likely to grow faster than any area outside of London over the next ten years.
“Our geography represents the most economically active parts of Wales and the Southwest of England. With nearly 100,000 journeys across the Severn Bridge every day for work, family and leisure, we represent a natural economic geography.
“This narrative highlights our incredible shared strength to help investors understand the opportunities that we have here. As a group of local authorities and businesses we are ready to collaborate to use this to help channel the investment we need to deliver on our potential.”
This narrative comes ahead of the 2024 Convention for the Western Gateway on October 17. This large-scale business conference will launch the partnership’s Plan for Sustainable Growth which will lay out how the Western Gateway will aim to build on its strengths to become the UK’s fastest growing area outside of London.
Tickets are available on the partnership’s website. The full Economic Narrative can be read on the partnership’s website.
