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Norfolk’s Economic Performance – how worried should you be?

October 24, 2018 4:30 PM

Graph declining

Norfolk County Council's economic snapshot for the second quarter in 2018 has just been released and it continues to show increasingly poor performance for Norfolk's economy.

1.The Labour market in Norfolk has dipped below the national and regional average

labour market

2. Rates of employment have fallen in Breckland, Great Yarmouth, Norwich and South Norfolk

Local roe

3. Norfolk's unemployment level has risen above the national average

4.The average gross weekly earnings in Norfolk is consistently lower than both the regional and national average

Wages

What is the problem?

There is a lack of drive and desire at County Hall to bring significant economic development into the County. The Conservative administration are being far too conservative with the same old thinking that building new roads will bring substantial economic growth into the county. National evidence shows that the economic benefits of building new roads are relatively small http://www.centreforcities.org/blog/road-investment-route-local-economic-growth/

What is needed is some original innovative thinking to jumpstart the Norfolk economy.

Our Solution

We would set up an independent economic commission made up of academic, business and economic representatives (no politicians) to do two things:

1. Create a more ambitious set of economic targets that sends out a clear message nationally and internationally to promote Norfolk so that the County Council can go out and win better, higher paid jobs and more businesses for Norfolk.

2. Create a clear, radical and exciting long-term economic vision for Norfolk that's simple enough to put on a postcard.

The Future

The current broken low wage economy cannot continue. We want to see Norfolk economically leading the way rather than being left behind - attracting exciting new businesses that can bring better jobs and an increased wage level.