With a robust package of more than 35 bills, the Labour government is set to prioritise economic growth, planning reform, devolution, and public transport. These bills also include measures for mandatory housing targets, renationalisation of railways, and enhancing public sector involvement in bus networks. At Whitecap, we are pleased to see further devolution initiatives which complement our ongoing efforts to support regional growth, developing high-growth sectors, and enhancing local skills in regions across the UK.
English regional development
A key element of the English Devolution Bill will be the focus on regional industrial strategy, economic development and skills. This aligns closely with our activity at Whitecap, where we have been actively engaged in working with various combined authorities and regional bodies to analyse and promote strategies for high growth sectors, including FinTech, LegalTech, Tech and Life Sciences, as highlighted in our published ecosystem reports.
Our FinTech reports highlight the growing financial technology sectors, offering combined authorities a roadmap to support industry growth and attract local and inward investment.
For example, the Norfolk FinTech Report 2024 – commissioned by Tech East and independently produced by Whitecap Consulting – forecasts Norfolk’s FinTech sector could be worth £100M by 2027, with the number of FinTech firms doubling within the next three years and forecast to create more than 600 new roles in the region. Our previous reports in regions such as the North East, Liverpool and West Midlands have been the precursor to the creation of regional groups and initiatives that have helped develop the sector in these regions, and the development of FinTech East continues this trend. We have also published reports focused on Scotland and Northern Ireland, so our work is not constrained to England.
LegalTech in Leeds is an initiative launched in 2020 to implement recommendations from the Leeds City Region LegalTech and Innovation Report. LegalTech in Leeds focuses on the intersection of law and technology bringing together legal professionals and tech innovators to explore how technology can transform the legal sector. LegalTech in Leeds has organised over 100 events, including the flagship LegalTech in Leeds Conference, drawing professionals from across the UK to discuss the latest in legal technology.
By identifying key strengths and opportunities, we work collaboratively across key regional stakeholders to help create strategies that drive economic development and job creation for these regions. Whatever name the government chooses to attach to this on a national level, the objective is to drive regional growth to support the performance of the UK economy.
High-growth sector development
The government’s focus on economic growth resonates with our initiatives in high-growth sectors such as FinTech and LegalTech. Through our work on initiatives such as FinTech North and FinTech West, we have been involved in facilitating numerous initiatives that bring together stakeholders from the financial technology sector, fostering collaboration and innovation. This not only supports local businesses but also enhances a region’s attractiveness to investors and skilled professionals.
The Leeds City Region FinTech Report 2023 showed the FinTech sector in the Leeds City Region has experienced huge growth over the last three years, and to now be home to more than 100 FinTech firms, and is contributing more than £700m per year to the regional economy.
Meanwhile, the Milton Keynes Tech Ecosystem Analysis report aimed to assess the city’s technology landscape, focusing on identifying growth opportunities and emerging prospects. This effort was supported by organisations including The Open University, Santander, Milton Keynes City Council, Milton Keynes College, South Central Institute of Technology, University of Buckingham, Aiimi, and Protospace.
In collaboration with the Oxford-Cambridge Arc Universities Group, we conducted a report on the Life Sciences sector’s skills needs. Appointed by the Open University, we analysed essential workforce skills for expanding the sector within the arc. The report projects that the Oxford Cambridge Pan-regional Partnership could double its number of Life Sciences businesses by 2030, detailing key skills development and funding strategies needed to facilitate this growth.
The South West FinTech Report 2023 revealed that the region’s FinTech sector, comprising over 190 firms, contributes more than £1 billion annually to the regional economy. At the time of publishing the number of FinTechs in the Bristol & Bath FinTech ecosystem has almost trebled in size over the previous 4 years.
Skills agenda and workforce development
The Skills England Bill, coupled with the English Devolution Bill, targets post-compulsory education and Local Growth Plans while maintaining the status quo in terms of funding and power distribution. A central theme is the imperative to bridge the skills gap for economic prosperity.
As highlighted by Vivienne Stern, Universities UK Chief Executive, these bills have far-reaching implications for higher education, encompassing areas such as planning, housing, and employment rights. This broad scope presents a valuable opportunity for higher education institutions to engage in parliamentary discussions and shape legislation.
Aligned with this, our research and initiatives emphasise and support the pivotal role of a skilled workforce in driving economic growth. By identifying skill shortages and proposing solutions, we aim to contribute to the development of a workforce equipped to meet the demands of high-growth industries.
For instance, our report Your Business is Our Business: Employer Skills Report commissioned by Further Education (FE) providers across the West Midlands and Warwickshire, builds on the Local Skills Improvement Plan (LSIP). It sheds light on the current skills landscape in priority sectors, providing crucial insights to inform strategic planning and the future curriculum of FE providers.
Similarly, our West Yorkshire Finance & Professional Services Skills Report commissioned by Luminate Education Group outlines how colleges can support the region’s flourishing finance and professional services (FPS) industry. The research builds on the work of the Yorkshire and Humber Financial and Professional Services Skills Commission, highlighting how colleges are currently an untapped resource for a sector employing around 80,000 people in the region.
As the English Devolution Bill paves the way for further regional growth and development, Whitecap is dedicated to assisting combined authorities, local councils and regional bodies in reaching their economic, industry and skills goals. Our detailed ecosystem reports, targeted initiatives, and emphasis on skills development contribute to fostering sustainable growth.
———————–
If you’d like to discuss this blog post or share your own perspective on the issues covered, please get in touch or comment via our social media channels on LinkedIn or Twitter.
Established in 2012, Whitecap Consulting is a regional strategy consultancy headquartered in Leeds, with offices in Manchester, Milton Keynes, Birmingham, Bristol and Newcastle. We typically work with boards, executives and investors of predominantly mid-sized organisations with a turnover of c£10m-£300m, helping clients analyse, develop and implement growth