New Economic Strategy for Glasgow looks to create a more productive and inclusive economy

Published: 8th of March, 2022

Glasgow City Council has considered its draft Economic Strategy, which will guide how the city meets the economic challenges and opportunities facing it over the next decade.

The new strategy replaces the existing one, which was due to run to 2023, but the impact of the Covid-19 pandemic on the local and global economy means a new strategy is needed now to address the new economic reality. The new Glasgow Economic Strategy also responds to the Climate Emergency, pointing to sustainable economic growth and looking to contribute to the council's net-zero commitments.

Development of the new Strategy came after the Glasgow City Region Intelligence Hub undertook detailed analysis of the regional economy over the course of 2021, work that underpins the Glasgow Region Economic Strategy.

Three major challenges for the both the economies of the city and the city-region through this analysis:

• Enhancing Productivity;
• The Climate Emergency; and
• Creating an Inclusive Economy.

In developing the city's Economic Strategy, the council's Economic Development team also worked with officers in other teams, national governments, updated senior representatives of the Glasgow Economic Leadership and the Glasgow Partnership for Economic Growth, with the draft strategy being considered by over 100 of the city's public, private, third sector and academic stakeholders.

The new economic strategy for the city outlines a range of actions which will contribute to tackling these three major challenges.

These actions include the development of a green economy through the implementation of the Glasgow Green Deal, further develop the circular economy, reducing consumption and other measures; growing the city's economy by supporting key sectors such as Digital & Tech, Finance & Business Services, Space & Satellite, Advanced Engineering & Manufacturing, Creative Economy & Screen, Life Sciences & Precision Medicine, Tourism, and Higher & Further Education; attract inward investment and grow the export of products and services in international markets; further encourage innovation through the support of Glasgow's Innovation Districts and increase research and development; drive investment and financing to allow growth of SMEs and our most deprived communities, and patient investment in our businesses and products.

Other actions include a focus on employability and skills, with children starting their digital journey at primary school, and work in partnership with employers to deliver new approach to giving young people exposure to work and word-based learning; working towards a fairer Glasgow, through work to tackle digital inclusion in all our communities, support the growth of food pantries and food growing, and develop a community wealth building strategy; development infrastructure and place through projects such as the Clyde Mission, the Clyde Climate Forest, the Glasgow Metro, Glasgow City Region City Deal, and the housing retrofit programme; and finally, the development of key city assets through the expansion on the SEC, the support of Glasgow Airport and the recovery of the city centre through the City Centre Task Force.

More information on the draft Glasgow Economic Strategy can be found at: https://www.glasgow.gov.uk/economicstrategy.

Councillor Susan Aitken, Leader of Glasgow City Council, said: "The world has changed radically over the last couple of years - and Glasgow needs a new economic approach to keep pace, remain competitive and deliver benefits for all its people.

"We face major challenges, which are interlinked. However, meeting them with the right actions will deliver the results we all want.

"So, raising productivity will lift the whole economy and bring inclusive growth that will benefit everyone in Glasgow. By the same token, our green economy plans will not only bring economic benefit, but contribute to our net-zero targets while also improving our health and wellbeing.

"This strategy is key to Glasgow's growth. The council has worked closely with partners to shape it and we will continue that collaboration in all sectors of the economy to deliver."

The draft Glasgow Economic Strategy will now be referred to the council's City Administration Committee for consideration and possible approval.