Agenda, decisions and minutes

To receive any apologies for absence for the meeting.

Apologies for absence were received from Mayor Dr. Nik Johnson.

To receive any declarations of personal or disclosable pecuniary interests from members in relation to items on the agenda.

Araminta Ledger declared a potential non-pecuniary interest due to involvement in the implementation of a life sciences strategy (relating to items 9 and 10 on the agenda).

To approve the minutes of the meeting held on 4 March 2024 and to note the action log.

The minutes of the meeting on 4 March 2024 were approved as an accurate record.

The Action Log was noted by the Business Board.

The minutes of the meeting on 4 March 2024 were approved as an accurate record.

The Action Log was noted by the Business Board.

To seek Business Board approval for member representations on CPCA Thematic Committees and member lead roles.

It was resolved to:

a)    Approve the Business Board member representations and lead roles for 2024/25

The Business Board received the report which sought approval for member representations on CPCA Thematic Committees and Lead Member roles.

The Chair emphasised how much work and focus has gone into ensuring a really clear business voice can be heard at all stages and across all committees.

As the Combined Authority Lead Member for Transport and Chair of the Transport and Infrastructure Committee, Councillor Anna Smith commented that she found it incredibly helpful to have Business Board representatives at the thematic committees.

It was resolved to:

A    Approve the Business Board member representations and lead roles for 2024/25

To update Business Board members of the latest highlights from the Combined Authority Board, Committees and Business Board Forward Plan. The Forward Plan can be found here.

The Chair asked members of the Business Board to flag any topics with officers that they feel it would be beneficial for the board to discuss or hold a specialised session around.

A verbal update from the Chair.

The Chair began his update by reiterating that the Business Board is in a much stronger position than it has been for some time; but that they are only just getting started on how inward investment opportunities can be taken.

A large amount of current focus is on the CPCA involvement in UKREiiF, with strong commitment to making sure the best possible representation is at the event. 

Meetings have taken place recently with a number of CPCA board leads to discuss aspirations and regional focus.

Opportunities for a more joined-up approach with the Ox Cam Partnership are already being developed and strengthened. The importance of wider collaboration  and alignment at this bigger scale, in particular to attract investment and increase trade, is exemplified in the way that other combined authorities in the Midlands and the North have collaborated at a greater scale with the Midlands Engine and the Northern Powerhouse, respectively.

CPCA is currently holding workshops on economic planning and state of the nation assessments to align insights and guide the business board's regional strategy.

Business Board is transitioning from project funding to supporting and validating CA's work. Part of that will involve leveraging individual experiences and regional projects to maximize opportunities.

Andy Williams suggested a debrief from UKREiiF at the next informal meeting to assess reactions and effectiveness.

It was proposed to map different groups and activities within the regional environment to understand investment mechanisms better. All members’ experiences will also be plotted in order to enhance strategic alignment.

The Chair emphasized the importance of integrating local councils' economic plans with CA priorities. Officers from different authorities will be invited to discuss their priorities, ensuring a cohesive regional strategy.

Verbal updates from the Business Board representatives on the Combined Authority's thematic committees.

Rebecca Stephens and Andy Williams provided an update on the Transport and Infrastructure Committee (TIC) activities:

·       The March meeting had a primary focus on buses, though significant decisions are pending an audit.

·       Other items discussed included:

o   Extension of the e-scooter trial and its footprint.

o   LTCP strategies and workstreams.

o   Transforming Cities Fund.

o   £1 fare initiative.

o   Bus shelter improvements and the precept list.

·       Next Meeting is scheduled for June, with key items including an update on the A10 and the Wisbech to March route. The Peterborough Station area will also be discussed, emphasizing the need to consider the broader business impact in the area.

Councillor Anna Smith, as Chair of the Transport and Infrastructure Committee, requested strong input from Business Board representatives and offered to discuss rail-related issues with Al, Rebecca, and Andy beforehand.

Charlotte Horobin provided an update regarding Skills and Employment Committee. The next meeting will be held on 17 June with an update expected regarding Further Education Coldspots. The Local Skills Improvement Plan will also be published soon. Charlotte also commented that the Employment and Skills Board would be meeting on 14 May, focusing on universal support, apprenticeships, technical training, and an update on the Good Work Charter.

Verbal update from the Executive Director, Economy and Growth.

The Executive Director for Economy and Growth provided the Board with updates on key national and local developments since the last meeting:

UKREiiF Pavilion: Construction of the pavilion will begin on Thursday. It is expected to be a well-designed space with good infrastructure. The website, featuring the investment prospectus and investment pipeline interaction, will go live tomorrow. There is a robust schedule of events, including six key events and panels, two fringe events, and three additional events.

The second major stakeholder event focused on shared regional ambitions was held at the end of last week. This event was significant for fostering regional collaboration.

The Executive Director thanked everyone for their contributions to the informal business board, highlighting the value of their expertise, networks, knowledge, and insights. Future workshops are planned to build on these contributions, with follow-up actions to be communicated.

The Executive Director introduced David Moore, the new Assistant Director for Business, Trade, and Investment. David expressed his enthusiasm about returning to the region, where he spent 12 years previously. He has also worked in Yorkshire and the East Midlands, noting the varying successes of different regions. David emphasized the importance of strategy in identifying opportunities, developing sector champions, expanding teams, and enhancing innovation, business growth, and trade opportunities. He looks forward to meeting with each board member individually.

To provide a strategic overview of progress made in delivering the EGS Implementation Plan and to set out a draft timeline for a potential refresh of the Economic Growth Strategy into a new Local Growth Plan.

It was resolved unanimously to:

a)   Note the progress contained of the Economic Growth Strategy Implementation Plan.

The Business Board received the report which provided a strategic overview of progress made in delivering the EGS Implementation Plan and set out a draft timeline for a potential refresh of the Economic Growth Strategy into a new Local Growth Plan.

During discussion, members expressed how great it is to see recruitment progressing. The necessity for a significant step change was highlighted, transitioning towards a local growth plan. It is important to address previous shortcomings, particularly in team composition.

There was a consensus on the need to distinguish between business as usual (BAU) activities and major multi-million funding projects. The participation of economic development officers from constituent councils was welcomed, noting the potential to enhance collaboration and alignment.

The discussion also touched upon the importance of identifying funding opportunities to catalyse projects that might otherwise not materialise.

It was resolved unanimously to:

A    Note the progress contained of the Economic Growth Strategy Implementation Plan.

To update the members with the plan for Growth Hub (GH) delivery and additional business support arrangements during 2024-25

It was resolved unanimously to:

a)   Endorse the plan for Growth Hub business support delivery during 2024/25

The Business Board received a report outlining the plan for Growth Hub (GH) delivery and additional business support arrangements during 2024-25.

During the discussion of the report, the following points were discussed:

·       The importance of collaboration with other networks was emphasised as well as the need to adopt a different mindset regarding budget allocation. Members enquired about exploring other regional groups providing similar services, to which officers responded that there are consultants and membership organizations, albeit none offering services free of charge.

·       Concerns were raised about the funding for the following year and the timeline for role placement. Officers clarified that the Business Board had recommended three years of funding for the Growth Hub, which was approved by the CA Board and incorporated into the MTFP. The funding will be adjusted accordingly to ensure the full three years of service.

·       The need for tailored support for different sectors was highlighted, with the suggestion that a tool be created focusing on specific expertise areas, enhancing efficiency.

·       Queries were raised about targets, and it was explained that metrics beyond those outlined in the report would be captured.

Questions were raised regarding the target customer focus, suggesting the need for a more defined audience. Officers confirmed that the support extends to freelancers, retail, and exporting companies. It was requested that an updated plan be brought back to the next Business Board meeting. The ambition to be accessible to all is admirable but there needs to be a starting point and focus.

It was resolved unanimously to:

A    Endorse the plan for Growth Hub business support delivery during 2024/25

To outline the status of development of future funding programmes and to request reallocation of unspent capital from the completed Growth Works programme to the Strategic Growth Fund.

It was resolved unanimously to:

a)   Note the updates on development of the Strategic Growth Fund and Levelling Up Fund contained within this report.

b)   Recommend that the Combined Authority Board reallocates a maximum of £1.5 million unspent capital from the completed Growth Works programme to the Strategic Growth fund to increase the total budget available for this fund.

The Business Board received the report which outlined the status of development of future funding programmes and requested reallocation of unspent capital from the completed Growth Works programme to the Strategic Growth Fund.

The need for clarity on the intention behind reallocating the fund was expressed, with emphasis on the importance of ensuring expectations on its usage are established.

Members questioned whether the Strategic Growth Fund (SGF) aligns with the objectives of the Market Towns program and raised concerns about the fund's utilisation for purposes other than economic growth and development. Officers clarified the commitment of the SGF to economic growth projects and highlighted the need for strategic alignment with the Market Towns program objectives.

Upon receiving an enquiry about the reasons for the £1.5 million underspend on capital, officers explained the challenges faced in investing the capital due to issues with investability and contractual delays.

Members sought clarification on the proposed reallocation of funds and inquired about the approach to managing multiple projects. Officers emphasised the need to maximise the impact of the funds and cautioned against repeating small-scale interventions, advocating for larger-scale, impactful projects.

Advocating for a cautious approach, members emphasised the importance of research and learning before diving into investments. Leveraging past successes can guide future investments. Concerns were raised about the level of risk associated with ambitious projects and the timeline for realising their impact.

Members advised and requested that the transferred £1.5m capital funds are ring fenced notionally to be used for specifically for economic / growth projects and investments.

It was resolved unanimously to:

A    Note the updates on development of the Strategic Growth Fund and Levelling Up Fund contained within this report.

B    Recommend that the Combined Authority Board reallocates a maximum of £1.5 million unspent capital from the completed Growth Works programme to the Strategic Growth fund to increase the total budget available for this fund.

To seek approval of the Annual Report & Delivery Plan (2024-25) ahead of publication on the Combined Authority website and submission to the Cities and Local Growth Unit.

It was resolved unanimously (subject to amendments discussed at the meeting) to:

a)   Approve the Business Board’s Annual Report & Delivery Plan 2024-25

b)   Recommend the Combined Authority Board approves the Business Board’s Annual Report & Delivery Plan (2024-25), and for this to be submitted to the Cities and Local Growth Unit

The Business Board received the report which sought approval of the Annual Report & Delivery Plan (2024-25) ahead of publication on the Combined Authority website and submission to the Cities and Local Growth Unit

Members commented that the annual report needs more on what the Business Board is planning for the year ahead, requesting more work to that section. It was also requested that officers ensure different case studies are included to those used previously.

It was resolved unanimously (subject to amendments discussed at the meeting) to:

A    Approve the Business Board’s Annual Report & Delivery Plan 2024-25

B    Recommend the Combined Authority Board approves the Business Board’s Annual Report & Delivery Plan (2024-25), and for this to be submitted to the Cities and Local Growth Unit

The next meeting of the Business Board will be held on 8 July 2024.

The next meeting is scheduled for 8 July 2024 at 2.30pm. The meeting will be held virtually.