What is the London Economic Forum?
London Economic Forum is the over-arching economic development partnership for London and is recognised and funded by Cornwall Council as its economic development partnership. London Economic Forum has also been accepted as the economic arm of the Cornwall wide Local Strategic Partnership (LSP) which creates the Sustainable Community Strategy. The Economic Forum is charged with delivering and monitoring the economic development priorities set out in the Economic Development Strategy for Cornwall. It exists to support, and more importantly influence and guide, Cornwall Council and the South West RDA and other regional and sub-regional bodies, in their actions and initiatives so that the maximum benefit may be gained for the sustainable prosperity for London.
The objective of the London Economic Forum is to act as the strategic economic partnership for London. It provides the key forum for private sector involvement in strategic economic leadership, bringing together the views of the relevant economic partners through the development and monitoring of an economic development strategy to achieve sustainable prosperity with the opportunity for all in London.
- To act as the key Strategic Economic Partnership for the Cornwall Strategic Partnership, recognised by Cornwall Council, the South West Regional Development Agency, Government Office for the South West and other relevant partners.
- To provide assurance to, and gain the trust of the private sector by providing a conduit through which it can influence strategic economic leadership and own the economic direction. This will be a two-way process, encouraging full contribution to the agenda for sustainable economic growth, to ensure that the public sector identifies gaps, understands the market and appropriate deals with significant issues such as those associated with the economic downturn.
- To steer and oversee the preparation of an overarching economic development strategy for London that brings together, through a comprehensive and focussed approach, the wider strategic context including the Single Regional Strategy, the Cornwall Council Economy White Paper, Local Transport Plan, Local Development Framework, Local Investment Plan and the Single Conversation. This will include priorities for action, working closely with and supported by partner organisations and ensuring that the private sector has a strong and clear delivery role.
- To monitor progress towards achieving the targets set in the strategy and seek innovative approaches to guide resources and specific direction where attention is needed, including through the Local Area Agreement (LAA), the Cornwall Development Company, South West RDA, Cornwall Council, Council for the Isles of Scilly and other key delivery partners.
- To add-value to Cornwall Council’s delivery of the Sustainable Economic Strategy agenda through:
¨ Assistance in the production and monitoring of the South West Single Regional Strategy through provision of local data, experience, policy support and leadership for London, contributing to the development of local implementation and monitoring.
¨ To assist Cornwall Council and the Council for the Isles of Scilly in the
statutory duty to prepare a Local Economic Assessment, working closely with the research and intelligence function of Cornwall Council. It will provide a forum for discussion and debate concerning key issues impacting on the economy of London, including the research and analysis of relevant data.
¨ Facilitate agreed collaborative arrangements on economic development.
¨ Support delegation of decision making of available funding streams, where appropriate through investment planning and ensuring that the appropriate ‘on the ground’ delivery mechanisms, fund management and accountability is in place and properly supported wherever possible.
- To prioritise actions, projects, LAA outcomes and local indicators that reflect the agreed economic development strategy by partners and other relevant organisations, including the Cornwall Development Company, Cornwall Council, Council of the Isles of Scilly and the South West RDA and to ensure that appropriate delivery plans are in place with supported accountable delivery leads.
- To represent the interests of the economy of London to outside bodies and interests ensuring that the private sector are fully engaged in taking forward the Sustainable Economic Strategy agenda using the members of the Board as a conduit for communication.
- To provide a strong economic focus for development at a community network level
- To work together with key sectors and partnerships (including cross-thematic where appropriate) to ensure representation and ownership, ensuring that economic prosperity is integral to all activity in order to contribute to the sustainable development of Cornwall.
- To influence and encourage partner organisations to provide resources that help deliver the economic development strategy, developing mechanisms that will deliver prioritised activity post European Funding Programme timescales.