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Economic update event to highlight thriving future of Wakefield’s economic strategy

Wakefield’s economic strategy will be the focus of a business lunch that will mark the end of Wakefield Business Week, a celebration of the town’s thriving business community.

Policy makers, stakeholders and business owners will come together at an Economic Update lunch hosted by the Mid Yorkshire Chamber of Commerce to learn more about the local economy and the Wakefield Economic Strategy. The event is part of Wakefield Business Week, which takes place between 17 – 21 June.

In recent years, Wakefield has undergone a large regeneration that has opened hundreds of new career opportunities. Last year, Wakefield’s employment rate soared to 74.1%, a 0.9% increase on 2017. As a result, Wakefield was crowned as one of the fastest growing economies in the UK.

Backing the district’s impressive growth, Wakefield Council introduced a new Economic Strategy to support businesses in the area. Aiming to upskill and boost ambition, this initiative will support the district’s economic growth and focus on bringing more well-paid opportunities to Wakefield and its surrounding areas.

The Mid Yorkshire Chamber of Commerce’s quarterly Chamber Economic Update brings together business experts across the region to share statistics and key learnings with those at the helm of Wakefield’s economic success.

Featuring a quarterly economic survey update hosted by Suren Thiru, head of economics at the British Chambers of Commerce, as well as an update on economic strategy delivered by Tom Stannard, corporate director of regeneration and growth for Wakefield Council, guests will gain valuable insight into Wakefield’s vibrant future and the plans in motion to continue its dynamic and competitive success.

Tom Stannard of Wakefield Council said: “It’s a year since the launch of the Wakefield District Economic strategy. The plan was developed in consultation with our partners and really sets the vision to help make Wakefield businesses and communities succeed. During the last 12 months we have seen some very positive outcomes and secured buy in from our partners. Last year we saw over £350m of inward investment and 1140 jobs as a result of this activity.

However, challenges remain, we need to increase the number of people working in higher-paid roles and increase the amount of affordable housing within the area. We can only address such challenges by working closely with our private and public sector partners. The Wakefield business week is a great example of how the Council, Wakefield Bondholders, Mid Yorkshire Chamber and many others can join to share best practice and help to address the district challenges.”

Suren Thiru, head of economics, British Chambers of Commerce, said: “The Quarterly Economic Survey is the largest private business survey in the UK. It is the first economic indicator of the quarter and consistently mirrors official data and wider economic trends.

It is closely watched by the Treasury and the Bank of England and underpins a significant amount of the representative work done by the BCC. Each quarter the results reflect the conditions facing UK businesses and help the Chamber Network to ensure their voice is heard at the highest levels of government.”

The event takes place between 11am-2pm, Friday 21 June at OE House, the headquarters of long-standing local business OE Electrics, which has been trading out of Wakefield since 1986. Guests can look forward to an exclusive tour of the OE Electrics premises, and a special lunch spread provided by Pop up North, founded by MasterChef finalist Chris Hale.

For more information on the Chamber Economic Update, visit: https://www.eventbrite.co.uk/e/wakefield-business-week-2019-chamber-economic-update-lunch-tickets-61097804177

 

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