Decision details

Cabinet received an update report of the Director of Hampshire 2050 on the state of Hampshire’s economy and to highlight latest developments on sub-national economic policy making, recognising the importance of a strong and prosperous economy on wider long-term outcomes across the county.

In presenting the report, the Director emphasized the significant investment activity across Hampshire as set out in the report, and the successful integration of former LEP functions including establishing the Prosperity Board, and taking over responsibility for strategic programmes for business support, careers advice and skills provision.

Cabinet heard that the high inflation had driven uncertainty and for the first time in three years inflation was back to 2%, having been as high as 11% around 18 months previously. The Bank of England had maintained interest rates at 5.25%.  Hampshire is now leading economic recovery and growth across the area and will ensure it’s in the best place to exploit factors around the county’s infrastructure and skills base.  The well-established economic strategy, approved in 2023, will be developed over the next six months to reflect the geography of the area including cross regional work.

The recommendations in the report were considered and agreed. A decision record is attached to these minutes.