West Yorkshire leaders have committed to a new, flagship economic approach following the approval of six “Cluster Action Plans” at the most recent meeting of the West Yorkshire Combined Authority.
The plans kickstart a new era of public-private partnerships, designed to spur on multibillion-pound business growth opportunities and create tens of thousands of jobs.
The new plans see six sectors targeted for investment and support, as the West Yorkshire Mayor Tracy Brabin looks to build the right infrastructure for businesses to thrive. Firms will be supported with access to finance, skills, workspace, innovation, markets and promotion, and benefit from investment to build a better-connected region.
Two years in the planning, each of these six sector plans represents a major step forward in realising the region’s £7bn growth plan.
The first priority of the Local Growth Plan, launched in December of last year, is to boost the region’s fastest growing business sectors, in order to create jobs and economic growth at speed and at scale.
Tracy Brabin, Mayor of West Yorkshire, said: “The approval of these new plans will be a genuine catalyst for growth and a gamechanger for our region.
“By focusing our collective energy on the sectors where we have world-class strengths, we are sending a clear message to the world: West Yorkshire is where opportunity lives.
“We are not just talking about growth – we are delivering it through a new, dynamic partnership with our brilliant businesses, creating skilled jobs and powering our region’s contribution to the UK’s economic success.”
The sectors which will be targeted for major growth opportunities are advanced manufacturing, financial and professional services, healthtech, digital and technology, creative industries, and green economy.
Each of the six business-led cluster plans sees the Combined Authority pioneering a new model of public-private partnerships, providing each sector with a dedicated plan of action to drive innovation and develop specialist skills to help them grow and succeed.
Mandy Ridyard, Mayor’s Business Advisor and Chair of the West Yorkshire Business Board, said: “The approval of these plans is a significant moment for our business community.
“The clarity and focus of the cluster approach gives businesses the confidence that we have a robust, long-term plan in place to drive sustainable growth.
“This joined-up approach will be the catalyst for the next decade of prosperity.”
Combined Authority interventions to support each sector include:
Advancing Manufacturing
Leveraging the North’s largest manufacturing workforce of over 112,000 people, the Combined Authority is investing nearly £1.6 million to help ensure a pipeline of talent for major infrastructure projects like the future Mass Transit system and affordable housebuilding programme.
Financial and Professional Services
As England’s biggest financial district outside of London, the Financial and Professional Services cluster plan will support growth in start-ups and scale-ups by delivering a new West Yorkshire FinTech accelerator. This initiative will work with partners to open large-scale datasets, enabling firms to test AI/Machine Learning models and risk analytics tools.
Healthtech
Cementing West Yorkshire’s position as a world-leading centre for digital health innovation, this sector is supported by a £160 million investment programme, Europe’s largest teaching hospital and a globally significant business cluster. The plan includes leveraging existing partnerships, such as the West Yorkshire-Nashville ‘Healthtech Bridge’, which has been the foundation for exploring new collaborative opportunities following last year’s trade mission.
Digital and Technology
As the UK’s number one location for tech scale-ups, the plan is designed to accelerate growth in specialisms like AI and data analytics across the region. Tangible interventions will include building new, international strategic relationships as part of an AI alliance and developing world-class infrastructure, such as the new Microsoft hyperscale data centre in Leeds.
Green Economy
Driven by the commitment to achieve net-zero carbon by 2038, the plan supports the growth of the sector to a projected £11.1 billion by 2026. Tangible interventions include the Home Energy West Yorkshire retrofit program, which is designed to improve energy efficiency and support the creation of up to 30,000 well-paid jobs in the green sector, and a business support program that has already helped businesses to access £126 million in new sales opportunities.
Creative Industries
As one of six national “priority places” for the creative industries, West Yorkshire has secured a share of £150 million in government funding to accelerate new initiatives and attract private investment. Announced last week alongside the signing of a major new partnership with Sport England, the action plan aims to nearly double the size of this sector to £4.1 billion, creating 50,000 new jobs by 2035.
Felix Kumi-Ampofo, Director of Inclusive Economy, Skills and Culture at the West Yorkshire Combined Authority, said: “We have worked hard with our partners to create one of the most ambitious growth plans in the country, putting West Yorkshire firmly on the map.
“This cluster-led approach sends a clear signal to local, national and global businesses, that this is a region with a clear, confident plan for the future.”
