• Swindon & Wiltshire Economy
• Monday October 21 2024
• Author Name: Peter Davison

Regional powerhouse shares ambitions to double size of Wales and West England economy by 2050

Businesses from Wales and the West of England have launched a new strategy to double the size of the pan-regional economy by 2050 – adding an extra £250 billion to the UK economy.

The strategy was launched at the annual convention of the Western Gateway – the pan-regional ‘powerhouse’ partnership for South Wales and Western England, which spans an area from Swindon in the east to Swansea in the west.

The Plan for Sustainable Growth was launched by 700 businesses, 28 local authorities, and universities from both sides of the River Severn.

This summer the partnership published independent research which shows that the cross-border area is likely to be the fastest growing region outside of London over the next five years, adding an extra £11 billion to the economy every year.

But it also showed that on average businesses across the area misses out on between three and nine million pounds of private sector investment every year when compared with other areas.https://businessbiscuit.com/business-news/economy-news/western-gateway-west-economy/

It is calling on the government for more investment in the region to “unleash” its potential in areas including clean energy generation, fintech, and cyber security.

The body is also calling on the government to base the headquarters or a significant second office of the newly-created National Wealth Fund in the Western Gateway area.

Business including Associated British Ports, Ogi, Wales and West Utilities, Bristol Airport, and Vantage Data Centres were represented at the event, which was sponsored by SSE Energy Solutions.

The firm’s managing director, Nathan Sanders, said: “Strategic collaborations, like our new partnership with the Western Gateway, are vital to accelerating the net zero transition and delivering meaningful social value for communities across the UK.

“By leveraging our collective industry expertise and resources, we can fast-track the deployment of affordable, clean, and reliable energy solutions for communities and businesses throughout the Western Gateway, stimulating sustainable economic growth and creating green jobs.

“We see huge potential to drive clean economic growth at scale in the Western Gateway.”

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