In a major boost for the local economy across the borough, the "Enterprise M3" initiative has won its bid to become a local enterprise partnership.
The approval of the Enterprise M3 bid was announced by the new Government. The new style economic partnerships bring together local business and civic leaders, working to support their local economy. They replace the previous unelected Regional Development Agencies imposed by the last Government.
They will operate across geographical areas that reflect natural economic areas, to provide the vision, knowledge and strategic leadership needed to drive sustainable private sector growth and job creation.
Covering parts of Surrey and north Hampshire, the Enterprise M3 local economic partnership bid brought together major companies, other businesses and business representatives with local councils, universities, colleges and other public services making decisions that affect the area’s economy.
Leader of the Council, Cllr Tony Rooth, said: “This new enterprise partnership is an exciting prospect for local business. Economic growth has never been more important and the Local Enterprise Partnership provides a real opportunity for businesses to work with the public sector. Together we can help boost the local economy. Increased partnership working, and the removal of historic boundaries, will strengthen the voice of our economic area and help make the most of available funding for economic development. It will also help Guildford maintain its reputation as the most competitive UK town outside of London."
Enterprise M3 covers an area around the M3 motorway responsible for producing £25 billion worth of goods and services annually, with 57,000 registered businesses, 537,000 jobs and a population of over a million people. The success of the bid was based on the level of business buy-in and a history of partnerships across traditional boundaries to make a real difference to the people who live and work in the area.
The bid involved the district and borough councils of Guildford, Surrey Heath, Waverley and Woking in Surrey and Basingstoke and Deane, East Hants, Hart, New Forest, Rushmoor, Test Valley and Winchester in Hampshire. The county councils and the district and borough councils across the area all backed the bid. Key organisations including Guildford Business Forum, Surrey Chambers of Commerce and Surrey Economic Partnership all worked in support of the local enterprise partnership.