It is now less than nine months until the UK withdraws its membership from the European Union and – although confirmation on the government’s ‘direction of travel’ and position is still to be finalised – as an economy, Oxfordshire has lots of positives to shout about.
Across the county, we continue to generate new jobs – around 43,000 in total over the past five years – as well as being able to attract new businesses to Oxfordshire, including record levels of investment from abroad.
Just this week, we announced that 93 foreign direct investment ‘projects’ were secured during the last financial year (2017/2018), leading to the creation of 1,315 new jobs for Oxfordshire with an additional 403 jobs being safeguarded in the process.
The number of foreign direct investment ‘projects’ rose by a staggering 181% in comparison to the previous financial year. Thirty-three projects were secured during 2016/2017, compared to the 93 in 2017/2018, according to the Department for International Trade statistics.
Across the whole of England in 2016/2017, Oxfordshire was also responsible for around 9% of all foreign direct investment.
A strong proportion of our foreign investment has been triggered by the growing emergence of our retail offer, including the £440m redevelopment of Westgate Oxford and the opening of 30 new stores at Bicester Village. That said – other sectors benefiting from investment also include; biotechnology and pharmaceuticals, business and consumer services, and the aerospace sector.
Will that level foreign investment continue to the same degree if there is ‘no deal’? That’s almost impossible to predict and certainly, the retail sector is unlikely to record such staggering figures for a second year running.
But there cannot be any doubt that Oxfordshire offers one of the most attractive investment propositions globally, thanks to the world-class assets we possess, like the number one-ranked university in the world and the internationally-significant Science Vale.
Such foreign investment demonstrates that Oxfordshire is recognised globally as a place that can support innovation-led growth, greater productivity and major ‘place potential’ as we move towards an ever-increasing internationally-focussed economy.
We are now moving into a key period of growth, with work underway to develop a government-backed Local Industrial Strategy, which aims to position Oxfordshire as one of the top-three global innovation ecosystems. The continuation of the £215m Oxfordshire Housing and Growth Deal also creates significant economic opportunities, as does the emerging ‘Oxford-Cambridge Corridor’ which currently contributes an impressive £90.5billion to the UK economy.
Leveraging these two internationally-renowned cities – on a global scale – will support the UK economy to make the most of what this wider region has to offer in terms of growth and productivity, but so is the need to emphasise the ‘place potential’ offered right across the ‘Corridor’, ensuring that ‘UK PLC’ can capitalise on ALL the economic strengths of the region.
Whether it’s big business, small business or government-related groups, key figures across the ‘Corridor’ need to work towards ensuring we maximise the economic potential of the ‘Corridor’ for the benefit of our residents and the wider UK economy.
Last year’s National Infrastructure Commission (NIC) report on the ‘Corridor’ stated that its growth should be ‘a national priority’. As a wider region, our world-class research, innovation and technology capabilities can help maximise the UK’s economic performance in a changing global economy.
But it’s not just ‘big business’ ready to capitalise on future opportunities. The survival rate of small businesses in Oxford – and the wider county – suggests our business community is willing to be innovative to support growth.
Operating in such an optimistic environment is a major positive. It’s important that our SMEs are actively-engaged and aware of how they can be innovative; not just to support their own growth, but also Oxfordshire’s continued emergence as a genuine global asset.
As home to two of the UK’s 13 ‘unicorn’ ($1 billion) tech businesses – Oxford Nanopore and the Milton Park-based Immunocore – we have a track record of nurturing genuine innovation and taking it to a world-stage.
As we move into the final stages of Brexit discussions and a period of significant growth for the county – spearheaded by our Local Industrial Strategy – it’s this confidence that we need to continue to instil at home and abroad.
Nigel Tipple
Chief Executive
Pictured: Shoppers at Bicester Village
