Economic recovery strategy
Posted on Wednesday 24th June 2020
Newport City Council is proposing a staged approach to supporting the city's economic stability and growth in the wake of the coronavirus pandemic and for the future.
Its strategy concentrates on recovery in the short term but also looks at the opportunities that Newport must grasp by repositioning itself in the medium term and longer term renewal
The council will use the existing economic growth strategy as the bedrock of its plan, recognising that it will need to take into account the impact of recent events while maintaining its focus on realising the city's potential.
Supporting the city's businesses and leading the city through the recovery period will be the first phase of the comprehensive plan that was agreed by cabinet today.
Councillor Jane Mudd, Leader of Newport City Council, said: "We started this year with great optimism as Newport had clearly become a more competitive city with some fantastic businesses and poised to become a pivotal part of the digital revolution.
"The pandemic and the lockdown have had a devastating impact which has required significant financial intervention from government. In Newport, the council has distributed more than £46 million in business-related support but we now need to take urgent steps to ensure the economy can recover and businesses can not only survive but continue to grow.
"Alongside the challenges that rebuilding the economy presents, there will also be opportunities and these must not be missed so we can ensure Newport reaps the benefits for businesses, employees, the local economy and the environment.
"We already have a great relationship with employers in the city and we will continue to work together for the greater good of Newport."
In the medium term, the focus will be on securing more inward investment and promoting the city as well as helping further and higher education providers to expand and readjust to potential changes circumstances.
Future planning will seek to find the right balance between the economy, the environment and society to ensure a greater economic resilience and the well-being of residents.
Read the full report here https://democracy.newport.gov.uk/documents/g7868/Public%20reports%20pack%2024th-Jun-2020%2010.00%20Cabinet.pdf?T=10