UK Competitiveness index position
35(2023)
This update covers quarter 1 (April to June) for 2024 to 2025.
Highlights and challenges
The first quarter has focused on the initial set up and implementation of the action plan building on the existing economic development activities, including:
- the UK Shared Prosperity Fund
- support for start-up and high growth businesses
- the transition to the new Bracknell Forest Economic Partnership
Clear progress has been made with the Healthy Workplace Alliance, Climate Change Businesses engagement and the preparation of a Berkshire wide Local Visitor Economic Partnership.
At a regional level, the Berkshire Prosperity Board has formally met for the first time and has initiated the preparation of a Berkshire Economic Strategy.
Following the 2024 general election and the formation of a new government will need to be understood and responded to in terms of Bracknell Forest’s economic opportunities. A period of uncertainty until the next spending review and budget will be a potential risk.
Current position
Key measures
Under each of the 4 themes in the Economic Strategy there is one key metric that shows the current position of Bracknell Forest.
These will be kept under review by the council’s economic development team and the Bracknell Forest Economic Partnership. Provisional indicators are set out below.
Economic performance
The UK Competitiveness Index measures the long term potential of a location to generate economic growth and well paid employment. These are then ranked. Bracknell is currently at position 35 of 362.
Business competitiveness
Business growth rate2.68%(2023)
People, work and wellbeing
GDHI (gross domestic household income) compared to inflation3.30%(2021)
Place, climate change, infrastructure and connectivity
Full fibre connectivity98.8%(April 2024)
As the strategy is now in place the indicators and performance measures establish a base position with a broadly positive outlook.
The main area of concern relates to business growth and the scope to encourage new inward investment at a local and international level.
Work is underway to identify barriers to investment at a local and regional level.
Headline charts
The following charts show the current status of the 24 key metrics under the priority themes identified in the Bracknell Forest Economic Strategy 2024 to 2034.
They provide an overview of the current position versus target as a red, amber or green (RAG) status, plus the direction of travel of latest data against previous results.
Where results are unavailable and to be confirmed (TBC), commentary is provided in the appendix.
Performance against target or forecast
This data in the charts below shows us that the status of the local economy is reasonably strong and has clear potential to grow.
Performance trends
This data in the charts below shows us that in some instances the targets are yet to be achieved but the generally trajectory is positive.
Similarity by comparison to other local economies, the rate of decline is less steep indicating a degree of resilience.
Action plan performance update overview
The information in this document summarises the performance and trend for all 24 metrics in the Economic Strategy action plan.
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Exception commentary
Where the current performance status is ‘red’, more than 10% off target or forecast, commentary is provided below.
Economic performance
Percentage of knowledge economy businesses
17.29% at 30 June 2024 vs. target of 22.99%
Regionally the number of knowledge-based businesses has been growing at a slower rate however the position for Bracknell first is on a upward trajectory.
Business competitiveness
Business growth rate
-2.68% at 30 June 2024 vs. 2024/25 target of -2.00%
(based on aspiration to improve growth rate in first year of action plan delivery)
Business growth is starting to show positive signs of improvement and is closing the gap on the best in Berkshire comparator.
Business births per 10,000 working age population (WAP)
51% at 30 June 2024 vs. target of 77.7%
(based on latest best in the Functional Economic Area)
This indicator is a concern currently but the birth rate for businesses is anticipated to improve by the end of the year.
Percentage of ICT businesses
12.67% at 30 June 2024 vs. target of 19.26%
(based on latest best in the Functional Economic Area)
The business composition in Bracknell Forest is changing and will be kept under review.
People, work and wellbeing
Percentage of those in lowest 3 occupational groups
13.6% at 30 June 2024 vs. 2024/25 target of 12%
Whilst showing as red, this indicator is moving in the right direction and is expected to compare positively to the comparator location within the next 2 to 3 years.
Spotlight on business competitiveness
Following the general election and the change in government, opportunities to drive competitiveness are awaited.
Locally, focus will be on developing a prospectus and position to promote Bracknell Forest and to develop skills and training to support productivity.