READINGECONOMICRECOVERY &RENEWALSTRATEGYPrepared by Reading UK

2020 | NOVEMBER

CONTENTS

TABLE OF CONTENTS

Background to the strategy03

Developing the strategy04

Overview and key themes

05

Inclusive Reading priorities

06

Smart Reading priorities

07

Destination Reading priorities

08

Powered by People

09

An evolving strategy 10

READING ECONOMIC RECOVERY STRATEGY2020| NOVEMBER

A partnership approach 11

BACKGROUNDA number of economic commentators have predicted Reading will bounce backquickly as it has in past recessions. However, there are stil l a number ofunknowns: the impact of the ending of short-term Government measures forsupporting jobs and business; the future of locally based export companies andthe global companies located in the area; the impacts of reduced globalbusiness travel and increased home working; plus wider challenges aroundfinding a vaccine and finalising a Brexit deal.

One of Reading’s strengths is its economic structure, based on technology,science, knowledge and professional services, a highly skilled workforce, goodglobal connectivity and trade links along with a relatively strong retail towncentre offering.

However, as research shows:

The town is experiencing stresses on the retail , hospitality and leisure sectorswhich remain only partially operational where social distancing will allow.Footfall on the high street has only just returned to about 50% of pre COVID-19levels, with 85% shops open again experiencing higher dwell time but lowerturnover and the loss of some big high street names. The town also has a muchreduced night time economy.Unemployment is now above the South East average and rising (6350 registeredunemployed in July 2020) pending phasing out of the Government’s furloughscheme. However, there is an unknown number of people who have not registeredas unemployed.In January 2020 there were 6 job vacancies for every person unemployed inReading now there are 4 people competing for every vacancy. By October, newjobs have emerged in IT, essential retail , logistics and healthcare.Use of public transport has been discouraged and the statistics reflect this, withcar use returning and car park numbers rising whilst public transport use remainslower than pre-pandemic levels.Only about 30% of office staff have returned and are not expected to returnbeforethe New Year, and even then in lower numbers than pre-pandemic levels.

50%footfallcompared withpre COVID-19levels

READING ECONOMIC RECOVERY STRATEGY2020| NOVEMBER

30% of office staffhave returned

17-2450+age groupsdisproportionatelyaffected by Covid-19 job losses

6.5%unemploymentrecorded inOctober,doubling from3.5% in Janurary

It would be a partnership strategy that the public, private and voluntarysectors across Reading could sign up to and participate inIt would respond to the immediate economic shocks arising from theCOVID-19 pandemic, while addressing the inherent challenges in oureconomy which preexisted COVID-19 (notably inclusive and sustainablegrowth)It would be flexible enough to be developed throughout 2020 at least totake account of the as yet unknown economic impacts associated withCOVID-19, evolving Government’s policies and wider geopolitical decisions.

The Reading UK Board met monthly between March - August to address theCOVID-19 situation and debating possible ways forward. In formulating arecovery strategy, it set several parameters to be met as follows:

This strategy was presented to Reading Borough Council 's Policy Committee inSeptember 2020. The Council reaffirmed its commitment to working inpartnership with Reading UK and other key partners to ensure a sustainableeconomic recovery which addresses the key challenges facing residents andbusinesses in the borough.

The ‘Powered By People’ Strategy isbased on extensive research and analysisby a variety of commentators andexpertise within Reading UK and partnerorganisations. It aims to build back aneconomy that is more inclusive, smarterand more sustainable, and to continue toraise the profile of Reading as a greatplace to live, work, enjoy, visit and dobusiness.

Nigel Horton-BakerExecutive Director, Reading UK

DEVELOPING THE STRATEGY

READING ECONOMIC RECOVERY STRATEGY2020| NOVEMBER

We believe the road to recovery is through the people of Reading; they are at theheart of business decision-making and recovery. The innovators, creators andentrepreneurs, the self-employed the people who have cared for us during theworst of the pandemic - and the labour force that will bring the economy back toits former glory and beyond.

The impact on people who live, work, enjoy and do business in Reading will bevariable and some will need our help more than others. It will take time to adapt tothe impacts and changes brought about. We believe that the impact of COVID-19will be so vast that our recovery will be to a different level of normal, unlikebefore.

Our priority will be the start-up and growth of our economy but by focusing onpeople. We believe that we can simultaneously achieve wealth creation and helpbusinesses adopt new business models and working practices to a new normal. A new normal will be a more ‘ inclusive economy’, investing in our people withdigital and green technology skills, a smarter economy that focuses on innovationand creativity, one that will recover our position regarding the climate emergency,living a more sustainable and ethical l iving and working style. We believe ourReading 2050 Vision is more relevant now than ever and we seek to realise itsooner rather than later, working closely with the Reading Climate ChangePartnership in our common goal agreed in November 2019, that Reading is carbonfree by 2030. This change for the better will be ‘powered' by the behaviours,actions and ambitions of the people who live, work, enjoy and do business inReading which is why ‘people’ are at the heart of our plans for the future.

POWERED BY PEOPLE

READING ECONOMIC RECOVERY STRATEGY2020| NOVEMBER

We will address the immediate impacts of theCOVID 19 virus on the local workforce andlabour market in Reading by meeting theimmediate needs of local people facingredundancy including those over 50 with noexperience of not working, and our youngpeople transitioning from school to furtherand higher education and jobs for the firsttime. Preparing localpeople for opportunities in the growing areassuch as logistics, NHS and care, logistics aswell as digital and green tech sector.

Accelerating some of our 2050 Visionambitions to rebuild a better Reading fasterthan was anticipated, based on carbon-free ,self-sufficient, caring inclusive growthprinciples. This will require a One Readingapproach and several campaigns to raiseReading’s profile about the way Reading isrebuilding its economy and its town centre inorder to continue to attract people to live,work, invest, do business and enjoy Reading.

We will rejuvenate the most vulnerablesectors of the economy through technologyand new business practices, especially ourretail town centre and looking forward,building on our innovation, creative andentrepreneurial strengths. Investing indigital and green technology andinfrastructure projects and digitalbusinesses and the skilled workforce topower them. We will use the Reading 2050Vision as our guiding light and continue toinvest in Reading as a 'smart city'.

OVERVIEWOver the next four years, Reading UK will work in partnership with Reading BoroughCouncil and other key partners, to support the economic recovery of Reading throughthree core strategic priorities: Inclusive Reading (employment, skills and training forlocal people), Smart Reading (a resilient economy, businesses and city centre fit forthe future) and Destination Reading (a great place to live, work and do business).

INCLUSIVEREADING

SMART READING

READING ECONOMIC RECOVERY STRATEGY2020| NOVEMBER

DESTINATIONREADING

INCLUSIVE READING ACTIONS

Work to support the restart of majorcommercial development schemes in Readingthrough the implementation of developer-ledemployment and skills plans, providing:

work experienceapprenticeshipslocal employmentschool visitswork with end-user businesses

Publish the Redundancy Support Guideproviding signposting to a wide range ofnational and regional support services Promote and monitor access to Governmentsupport for the unemployed in Reading

Employment opportunity and support for everyReading studentWork experience A virtual internship weekWork placements Business mentoring programme

Post COVID-19 access to employmentopportunities for all our residents Job and skills fairsLaunch and promote Reading ‘Kickstart Broker’servicesSupport employment eventsSector skills events (online and physicaldelivery)

Local employment and skills plans:

Advice and signposting

Worlds of work

New employment opportunities

Skills training and upskilling for Reading’sself- employed Supported ways into self-employmentGroup workshops One-on-one supportLocal procurement networks

Ensure our workforce have the skills thatemployers need, post COVID-19Reskilling courses and employment supportfor over 50s, long term unemployed, 19-24sin growth sectors including care, logisticsCSCS construction training Accreditation for people learning new skills Support for digital up skilling and reducingdigital exclusionSupport for new ‘green’ sector skillsdevelopment and training provision

Develop local employment and smallbusiness procurement networks with ourSME community Inclusive recovery partnerships for the self-employedDelivery of small business networks – localsupply chains and shop local sustainabilityprogrammesSelf-employed business strategy includingcircular economy Well-being support for self-employed andemployeesReading business toolkits to aid businessplanning for recovery

Self-employment

Sector skills

Reading Recovery Business Networks

Employment, skills and training for local people.

READING ECONOMIC RECOVERY STRATEGY2020| NOVEMBER

Identify public sector low-carbon capital project priorities write funding proposals to attract funding develop social value benefit including local procurement plans for skills, training and employment opportunities promote low-carbon work place grants and private sector investment

Develop new smart city projects and plans for investment in in 5G, wiredhomes and public buildings, green energy technology schemes and electricvehicles, demystify and gain benefits from the use of the internet of things,artificial intelligence and augmented reality

Targeted investment of the £1m per annum Business Improvement DistrictsLevy as per the plans and in a way that:

cushions the impact of the COVID-19 recession, working closely withReading Borough Council town centre team and the night time economypromotes low-carbon economy, especially waste and packagingminimisationunderpins inclusive, smart and destination aims of the strategy

Start a Reading Future Town centre conversationamong town centre businesses, residents, visitors and users about thefuture role, purpose, look and feel of the town centre commission expert advice on creating a new Town Centre RenewalStrategyengage the arts and culture sector in strategies to reuse and regeneratespace in the town centre

Engage key local sectors and sector champions in sector growth and skillsstrategies

signpost and attract business finance and support services, developingnew business models in retail hospitality, leisure and the arts andculture sectorsencourage a self-help business support ethos and culture drawing onprivate and public sector good business practicescreate an environment in which entrepreneurs can start up and grow,supporting the University to develop knowledge transfer, academicresearch, Science Park capabilities and town centre innovation spaceresearch the green economy sector and create a green business network

Plan and leverage capital investment projects to aid recovery and greeneconomic growth

Reading’s Business Improvement Districts and the future town centre

Sector Development and growth

SMART READING ACTIONSFit for the future and resilient economy, businesses and city centre.

READING ECONOMIC RECOVERY STRATEGY2020| NOVEMBER

DESTINATION READINGACTIONS

Establish an agreed place brand identity for Reading, with values to beutil ised by key partners Develop and promote a narrative that describes the way we do businessin Reading Celebrate business success, the arts and culture and forge jointworking between the private, public and voluntary sectors

Establish Reading future place and property strengths as a commercial,hospitality, industry and office location Develop a targeted marketing campaign to attract and retain companiesand organisations

Develop, maintain and support a Reading visitor attraction andhospitality sector network Develop services that support destination management including onlinemarketing material Develop and implement a visitor destination marketing andcommunications planBe proactive in the development of the Great west way marketingConsortium

Maintain and promote an 'open for business' town centre image Review and refresh the plan in the light of the COVID-19 economicrecession, impacts of the pandemic and future pressures on the highstreet Strengthen the independent sector's growing presence in the towncentre, as well as providing support to grow their digital presence

Reading Place Brand refresh

Locate and grow your business in Reading

Visitor destination Reading

Business Improvement District Marketing Plan for the town centre

A great place to work, l ive, visit and do business.

READING ECONOMIC RECOVERY STRATEGY2020| NOVEMBER

AN EVOLVING STRATEGYIn summary, the borough has an opportunity to realise longer-term (pre-COVID-19) aspirations and targets of the 2050 Vision and the emergingClimate Emergency Strategy sooner rather than later. This will take Readingforward in a way that local people can be proud of, confident in, meetingtheir needs and presenting a strong place brand, regionally and nationally.

To realise this we will need strong partnership, working locally with ReadingBorough Council , the business and community sectors, as well asengagement across the Berkshire region with neighbouring boroughs and theThames Valley Berkshire Local Enterprise Partnership (TVBLEP).

The economic situation is rapidly changing and there is a need for maximumflexibility and partnership working. Further analysis of the recession and itstrends will be needed as the situation develops and consultation will berequired with the beneficiaries of the actions which will be taken.

The Executive Director of Reading UK will be the senior responsible officerfor the strategy, working closely with the Executive Director of EconomicGrowth & Neighbourhood Services at Reading Borough Council. To ensuredual reporting of progress, monitoring and reporting will be to the ReadingUK Board and through the Economic Recovery and Renewal Group andappropriate Committees to elected members of the Council.

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A PARTNERSHIP APPROACH

Reading UK is working in partnership with the local authority and itsboard of directors to support the economic recovery of the town. These include:

READING ECONOMIC RECOVERY STRATEGY2020| NOVEMBER