Decision

RESOLVED:

1. 1)           That Cabinet recommended the revised Economic Development Strategy and Action Plan 2026-2029 as set out in Appendix 1 and Appendix 2 to the Policy Committee for consultation.
2. 2)           That Cabinet approved funding of £25,000 to be met from the business rates reserves as set out in section 6 of the report, in relation to business data and training provision. 

Reasons for decision

The strategic priorities of the previous Economic Development Strategy have been updated to respond to evolving challenges and opportunities facing businesses across the borough. The refreshed priorities provide a framework for supporting a resilient, inclusive local economy over the next two years, while building on Hertsmere’s strengths and ensuring the borough is well positioned ahead of Local Government Reorganisation.

Alternative Options Considered

Cabinet could have decided not to recommend the updated strategy to Council; this would mean that the business support currently provided would continue but additional business support across Hertsmere would not be provided.