This meeting was scheduled to include a verbal update from the Cabinet Member for Inclusive Economy, Business, Skills and Greenwich Supports, Councillor Denise Hyland¹, as well as updates on the Council's Inclusive Economy Strategy, and its approach to attracting and supporting businesses in the borough. The Scrutiny Panel was also scheduled to note its Work Programme for the 2024/25 municipal year. This article summarises what was included in the report pack that was provided for the meeting, but it does not describe what was discussed at the meeting, or what decisions (if any) were made.

Inclusive Economy Strategy - Delivery

The Royal Borough of Greenwich adopted its Inclusive Economy Strategy in May 2024. The Strategy seeks to deliver sustainable and inclusive economic growth up to 2034 by adopting the principles of Community Wealth Building. It is built around the three themes of People, Place and Prosperity, and aims to:

transform Greenwich and ensure that economic growth supports an enhanced quality of life and prosperity for local people and businesses.

Year One Delivery Plan

The Scrutiny Panel was scheduled to note the delivery plan for the first year of the Inclusive Economy Strategy. The delivery plan outlines a number of actions and milestones designed to move the Strategy from an aspiration into a programme of delivery.

Tackling Inequality

The plan highlights the importance of the Anchored in Greenwich partnership. This is a collaboration between the Council and a number of public, private, voluntary, community and social enterprises in the borough that seeks to retain and redirect wealth locally. The delivery plan for the Strategy's first year includes actions to review and refresh the Anchored in Greenwich Charter and pledges based on a review of its performance.

The plan also describes an action to support the Cooperative Commission. The Cooperative Commission is a partnership between the Council and Co-operatives UK, that seeks to,

develop a plan to embed co-operative principles in service delivery, community regeneration, and business support across the borough.

The Delivery Plan's actions on Tackling Inequality included:

• Continuing to monitor and evaluate the economic outcomes of key disadvantaged groups.
• Capitalising on the talents of graduates from the borough's universities to support the development of cooperatives and other social businesses.
• Exploring how business rate flexibility can support community wealth building.
• Encouraging employers to pursue Corporate Social Responsibility agendas that benefit the workforce and the wider community.

Green Growth

The Delivery Plan also outlines a commitment to maximising green skills and supporting a “just transition” to a green economy. The key Green Growth actions scheduled for the first year of the Strategy are:

• Exploring the development of a co-operative energy scheme.
• Continuing to use the Council's Transport Strategy to promote active travel and ultra low emission vehicles.
• Encouraging growth of the circular economy.
• Improving the energy efficiency of the Council's buildings.

Approach to Attracting and Supporting High Value Businesses

The Scrutiny Panel was scheduled to note a report on the Council's approach to attracting and supporting high-value businesses. The report highlighted the importance of high-value businesses in creating jobs, providing opportunities, increasing the Council's tax base, and supporting local supply chains. It explained that the Council's Inclusive Economy Strategy responds to this ambition through Priority PR2 in the Prosperous theme. This priority seeks to:

“attract new, high value businesses to diversify the economy and to nurture existing sector strengths by developing plans to secure more private sector inward investment in key opportunity areas”.

Data and Mapping

The report provided a summary of the borough's business base. It explained that Greenwich is home to nearly 10,000 businesses, which is proportionally fewer than in other London boroughs. Five sectors account for two thirds of the businesses base in the borough:

• Professional, scientific and technical services
• Construction
• ICT
• Business administration & support services
• Retail

The report noted that 93.8% of businesses in the borough are micro businesses with fewer than 10 employees. This is higher than the London average of 91%.

Communication and Engagement

The report explained that the Council engages with businesses in a number of ways, including:

• Business breakfasts
• Business bulletins
• A borough-wide business survey

The report described the Council's Anchored in Greenwich partnership with major employers in the borough. The partnership has sought to:

• Support local supply chains
• Explore how space can be created for businesses
• Support businesses to decarbonise
• Encourage businesses to become Living Wage employers
• Give support, advice and training to organisations

The report explained that the partnership is currently being evaluated by the Centre for Local Economic Strategies.

Planned Work and High Value Businesses

The report explained that the Council is taking a number of actions to attract and support high-value businesses, including:

• Developing a new Local Plan
• Developing a Greenwich investment proposition
• Developing a selection of sector action plans
• Developing a borough-wide business relocation and business retention strategy
• Strategic account management with economically important high-value businesses.

Work Programme Schedule 2024/25

The Scrutiny Panel was scheduled to note its Work Programme for the 2024/25 municipal year. The Panel's work programme includes:

• Updates on the Inclusive Economy Strategy, Culture Strategy and Anti-poverty strategy
• Reports on Employability for young people, Community Wealth Building, the Royal Greenwich Heritage Trust, the Night-Time Economy, the Woolwich Creative District and Small and medium size arts and cultural organisations.

Commissioning of Future Reports

The Scrutiny Panel was scheduled to note the reports scheduled for its next meeting on 2 October 2024. These are:

• Employability for young people
• Anti-poverty Strategy
• Culture Strategy

The Panel was asked to determine any specific requirements for the reports ahead of their being commissioned.