The Bromley Economic Partnership meeting on 11 June 2024 focused on the borough's economic outlook, updates on various economic development initiatives, and a deep dive into inward investment strategies. Key decisions included the need to promote high-quality office spaces and the importance of supporting local innovation economies.

Bromley Economic Outlook Update

Daniel Murray, Head of Economic Development for Bromley Council, presented a summary of the borough's economic outlook. Bromley's Gross Value Added (GVA) for 2021 was £7.5bn, positioning it below Croydon but above other Southeast London boroughs. However, the GVA per job filled was £62k, indicating a need to enhance the productivity of local companies. The employment sector was dominated by health, education, and retail, with a call for more jobs in value-added sectors.

Footfall data for Bromley Town Centre showed post-lockdown improvements until 2023, followed by a slight decline. Analysis revealed that 92.6% of Bromley's nearly 15,000 businesses were micro-businesses, 7.1% were SMEs, and only 0.3% were larger businesses. The borough had received £43.4m in funding from Innovate UK since 2004, but this was lower than neighbouring areas due to the absence of a university.

The borough had about 3.7m square feet of office space, with a 5.8% vacancy rate. There was a need to promote and improve the quality of commercial spaces. Foreign Direct Investment (FDI) data showed Bromley near the bottom of the chart, indicating room for improvement. Further work would be carried out to understand the 2024 10% drop in footfall for Bromley Town Centre.

Economic Development Service Update

UKSPF Bromley Business Growth

Ose Akpom, the Economic Development Manager, discussed the UK Shared Prosperity Fund (UKSPF) Bromley Business Growth programme. The programme includes four elements: Suppliers Bromley, Growth Builder, Start-up Bromley, and the Bromley business hub. Efforts would be renewed to promote the programme more widely.

Strategic Investment Fund - Digital Infrastructure

Bromley received £937,744 from the Strategic Infrastructure Fund grant awarded by Transport for London (TfL) to extend a full fibre network to connect 21 council sites across the borough by December 2024.

Economic Strategy Refresh

Daniel Murray reported that the Economic Strategy 2021-23 was due for a refresh, with a growth plan to be shared at the next meeting. Consultation would follow over the summer, with final approval expected in October.

Town Centres – Night Strategy Update

Lorraine McQuillan, the Town Centres Manager, presented an update on Bromley's Night Time Enterprise Zone. Events held throughout 2023 generated a 107% increase in footfall between 6pm and 9pm. A new strategy would extend the benefits to the whole borough, with a focus on future-proofing town centres.

Deep Dive Topic: Inward Investment

Daniel Murray introduced the deep-dive topic on inward investment. A forum of commercial agents and developers highlighted Bromley's invisibility to West End agents and the need for a strong supply of commercial space. Adam Breeze from Breeze Strategy Ltd presented on establishing an inward investment service for Bromley. He emphasised the importance of promoting Bromley's advantages and focusing on attracting funding, talent, and high-skilled employees.

Katy Woolcott from Biggin Hill Airport discussed the airport's potential to attract high-value businesses due to its proximity to London. Lee Thomas and Bruce Walker supported more development near the airport and the need for a progressive planning policy.

Partner Updates

Lee Thomas reported that many businesses had struggled recently and called for improved productivity. Adrian Gabriel-Lovell introduced himself as the new Jobcentre Plus Partnership Manager for Bromley and Bexley.

For more details, you can refer to the Minutes of the meeting held on 26 March 2024.