Prosperity Matters

Aim: Maximising opportunities for a dynamic Charnwood economy - thinking and planning ahead to retain and enhance the strong Charnwood economy.

Why? A key contribution to achieving the Partnership’s Vision will be a healthy local economy, because: Competitive employers improve prosperity by investing in jobs,
buildings and services. It maximizes the opportunity for everyone to share in or benefit from Charnwood’s prosperity. Continuing economic prosperity should help to improve the social and environmental qualities of Charnwood. Accessible local services and facilities are key to the sustainability of towns and villages as communities.

The Partnership has a key role in acting as a catalyst to capitalise on our strengths and opportunities and address our weaknesses. Charnwood has the second largest economy within Leicestershire, after the City of Leicester. It is home to world-renowned companies like AstraZeneca, 3M Healthcare, FKI, Lafarge, Browne Healthcare, Fisher Scientific etc. Loughborough University is a major employer and has a growing reputation both for the quality and range of its teaching but also its diverse areas of research including environmental technologies, engineering and sports science.

While seeking to build on these strengths in our economy there is the need to address some underlying weaknesses. Business creation rates have been lower than national and regional averages. The sector structure is weak, (although better than the sub-region) with a concentration in some declining sectors, such as the textiles industry and an under-representation in the growing knowledge-based service sector. There has been a limited supply of available, quality employment land and sites to attract more hi-tech, high value industry. There are too many people with poor basic skills and three wards have comparatively high levels of unemployment.

Strategic Objectives

• SO14 to sustain and enhance Loughborough town centre as a prosperous, attractive and vibrant destination for shopping, entertainment and leisure as well as a place to live.
• SO15 to capitalise on the benefits of Loughborough University, especially those associated with its reputation as a centre of sporting excellence, research into innovation, new technologies and sustainability.
• SO16 to ensure that there is a network of vibrant ‘local’ centres so residents have access to a range of shops, services and facilities.
• SO17 to meet needs for homes, including affordable housing in line with regional requirements.
• SO18 to provide all communities in Charnwood with access to quality jobs and improved standards of life by safeguarding key employment sites and creating opportunities for new high quality employment sites, including a new Science Park at Loughborough.
• SO19 to encourage the local economy towards a higher share of higher value, higher quality, innovative industries and services and ensure labour market balance by providing for a mix of jobs and access to training including those for less skilled members of the community.
• SO20 to encourage thriving and diverse sustainable rural enterprise and farming and the promotion of local foods and local energy sources.