Executive summary
Introduction
Our new economic strategy was adopted in January 2024 and sets out our 10-year vision for the Bracknell Forest.
By 2034, we will be a growing and resilient economy that matches the best in Berkshire. We will:
- support, attract and retain high-quality businesses
- promote sustainable growth in clean and green, knowledge-based industries
- provide economic opportunity with good, secure jobs for our people who have the skills to succeed
We have a detailed action plan that accompanies our strategy documentation this details the identified priorities and the recommended actions to achieve our vision.
We will measure our progress and success of the action plan against 24 key metrics. It is essential that we set out clear targets for the metrics we will be tracking, this starts with reporting the current baseline figures. Many of the targets will be achieved over the next 10 years or in 10 years, so where necessary we have set interim targets to track progress.
Purpose
This report sets out an overview of the economic strategy and action plan delivery.
The purpose is to provide a clear picture to the council, stakeholders and partners of the successful outcomes and the areas that require attention and action. As performance is tracked over time, residents, businesses and partners will be able to see where actions that are being taken as part of the economic strategy are having an effect.
The report will be provided on a quarterly basis, presented to the council and shared with the Bracknell Forest Economic Partnership (BFEP) to focus discussion, inform decisions and prioritise action.
Reports will include a headline summary of the current position, exception reports where outputs are below forecast or target as well as spotlights on certain areas to aid discussion and decision making. Spotlight topics will focus on the metrics that will have the most impact on the delivery of the action plan but can also be requested by the BFEP.
In addition, an appendix containing trend analysis and benchmark data (where applicable) is also provided.
It is acknowledged that are several metrics included in the report that will be updated annually, that can only be reported on a retrospective basis and some that the BFEP have limited influence over. There are also some metrics where data is currently not available to report. Where this is the case, commentary is provided to give a view on progress in this area.
However, it is important to regularly monitor and review progress against the action plan to maximise impact and deliver the vision set for Bracknell Forest in 2034.
Operating environment
Bracknell Forest’s economy forms part of a wider functional economic area within Berkshire and the Thames Valley. The borough’s business composition includes a range of established smaller or local enterprises making up 82% of all businesses together with medium sized and larger national and international companies.
The growth of the economy is influenced by the strategies and delivery mechanisms some of which are listed below:
- Bracknell Forest Council Plan delivery
- Climate Change strategy and action plan
- Emerging Local Transport Plan 4
- Adopted Bracknell Forest Local Plan
- Berkshire Prosperity Board
- National, regional, local political landscape
- Bracknell Business Improvement District ballot