World class economy

Oxfordshire's success is underpinned by its vibrant economy. We are well placed for the future but global markets are intensifying competitive forces. Over the long term we need to make Oxfordshire's economy even stronger but without undue environmental impact.

Key issues will include:

• Sustaining our high technology industry base.
• Improving infrastructure and in particular transport.
• Improving educational attainment and skills within the workforce.
• Providing opportunities and incentives to encourage lifelong learning opportunities.

We pledge to:

• Collaborate across public, business and voluntary sectors to build on Oxfordshire's economic success.
• Create the conditions for everyone to have access to jobs.
• Ensure that educational attainment and skill levels are amongst the very best in the country so we provide a well qualified, motivated workforce to meet the needs of business.
• Achieve a sustainable balance between jobs, housing and environment.
• Tackle traffic congestion particularly on trunk roads and around Oxford City and other hotspots.

Current position

Oxfordshire's economy has sustained continued growth over an extended period and is recognised as an economic powerhouse within the south-east and UK and also on the world stage. It has an exceptional concentration of research and development (7.9% of the workforce compared with 2.9% for the South East) with world renowned establishments such as Oxfordshire University's Chemistry Department and the Diamond Synchotron on the Harwell Science and Innovation Campus. The County also has strong tourism, motorsports, and publishing industries.

We recognise the important contribution the military makes to life in Oxfordshire. There are military bases in the county at Bicester, Abingdon, Brize Norton, Shrivenham and Didcot where 30,000 personnel are based.

In terms of gross value added Oxfordshire performance ranks in the top 10% for the UK, having increased more than Cambridgeshire, but significantly less than Berkshire since 1995. Oxfordshire GVA per head has been consistently above the South East average.

Oxfordshire is the most rural county in the South East and its pleasant rural landscape, the high quality of its built environment and culture make it a place where businesses want to operate and people want to live and work. These features also underpin our strong tourist industry.

Our many historic rural towns and villages provide access to a wide range of goods and services and a base for both established and new businesses from thatching to software engineering and local retail, financial services and distribution. Business is everywhere in the county from isolated rural parishes to high tech business parks near our major road and rail routes.

High quality cultural, sport, leisure and recreational activity is a key factor in making Oxfordshire a good place for business. Not only does it provide employment but it improves the quality of life of everyone in the county. There are more than 70 festivals, world class museums and heritage attractions including the Ashmolean and Blenheim Palace; high quality theatre, art galleries and sporting events and access to the countryside, parks and rivers.

However, as global competition intensifies, maintaining growth and prosperity becomes more and more challenging. We are focusing on several priorities:

Economic regeneration - the major projects being:

• Urban renaissance of Oxford's West End.
• Seeking to fulfil the potential of the Southern Oxfordshire Quadrant as an international centre for innovation and enterprise through the Quadrant Partnerships (The Quadrant is an area of economic growth in southern central Oxfordshire whose future is defined by four points – Harwell science and innovation campus, Milton Park, Didcot and Grove); and
• Developing the Bicester economy with greater emphasis on a high value, high wage, and high tech economy.

Workforce skills - we need to improve productivity further but also to sustain innovation. Although the county has the highest concentration of degree level qualifications of any county, a significant proportion of the working age population are without qualifications and are therefore inadequately equipped to meet the needs of businesses operating in very competitive markets. Educational attainment in our schools is a cause for concern with performance not as strong as in comparable areas of the country. There is a need not just to raise GCSE performance in schools, but for young people in the county to share in the sense of opportunity which its economy provides.

Infrastructure - Investment in transport and housing infrastructure lags behind the pace of economic development. This has contributed to increasing levels of congestion and shortages of affordable housing. The lack of affordable housing is especially a problem for those in essential service jobs not sharing in the high wage economy.

Oxfordshire is in a strong position to sustain economic growth. There are some things that Oxfordshire has right and should treasure - the balancing of economic and environmental interests and the links between universities, science, innovation and entrepreneurism.

How we will measure success?

By 2030 we expect:

• Education and skills levels to have risen well above the national average.
• GVA (gross value added) to be in the top 10% nationally.
• The ratio of housing supply to demand and the quality and affordability of housing to be improved.
• Those who are of working age but not in work, full time education or training and those not actively seeking work, to be the lowest in the country.
• Oxfordshire to be known throughout the world as a centre of science and innovation excellence.
• Journey times on Oxfordshire roads to be within the most reliable 10% in the country.

Our priorities for action

Details of action planned for the medium and longer term are set out in the accompanying delivery plan.

Key partnerships to develop the theme

• Oxfordshire Economic Partnership
• Learning and Skills Partnership

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