Agenda item

The Board considered a report which provided the basis for a discussion on trade and investment policy, which was one of the Board’s agreed priorities for the year.  It included analysis of the findings of research by Oxford Economics on national projections and the potential to boost city region performance.  Members noted that more detailed proposals would be developed, in particular regarding export hubs at city region level, and there would be clear demonstration of what work had already been successful in this area. 

During the discussion which followed the following points were raised by members:

·         One member commented that aerospace did not appear in table 3.5.2 in the Oxford Economics report into past and future trends in trade and investment.  He commented that the aerospace industry was a major exporter in the North West in particular. The Senior Advisor commented that she would look into this and respond to the member outside of the meeting. 

·         It was suggested that the LGA should have a stronger strategy to make representations to the next Government to keep businesses in the UK, especially as many were under pressure to reduce costs.   

·         The UK had a great deal of very skilled workers in a variety of industries, which was why it remained an attractive location to base businesses and industry.  Young people should be encouraged into engineering at an early age so that the highly skilled workforce could be maintained. 

·         A lot of work was ongoing regarding national businesses, but more should be done on local business.  The LGA would articulate proposals on imports and exports, and what local authorities had to offer in this area. 

·         The message to present to business was that they were investing in a particular area or region, and not just the country as a whole. 

·         Work on imports and exports was co-operative between UKTI and individual localities.  The next step was to get other partners involved with the work. 

Members noted the report and agreed that an event to engage external stakeholders and UKTI should be held in March 2015 to review the research from Oxford Economics and examine where existing models of city-based trade work could form the basis of a proposal for future UKTI work. 

ACTION:        Members’ comments on trade and investment in city regions to be taken into account for future work.  Progress to be reported back to a future meeting.