A culture of innovation

Opportunities

The potential of Central Bedfordshire’s assets such as Cranfield University and Millbrook should continue to be maximised while strong links to London, Oxford, Cambridge and the Midlands will prove ever-more important.

Improve links between Central Bedfordshire’s Tech and R&D sectors and higher education providers such as Cranfield University. This will help foster innovation, research, design and testing to increase productivity.

Continue to develop strong partnerships between businesses, the cultural sector the volunteer sector, and Central Bedfordshire’s schools to support young people into opportunities and promote continued, community-based learning.

Challenges

Ensuring economic opportunities are accessible for those in the most deprived parts of Central Bedfordshire, where deprivation is acutely felt in terms of income, education, housing and services and crime deprivation.

40% of working residents work outside of Central Bedfordshire. This accounts for £423m worth of economic activity being lost to centres outside the region. We need to work harder to provide more job opportunities locally and provide pathways for local people into these roles.

Several sectors have declined in recent years, including retail, motor trades, wholesale and education. All sectors have been suddenly and unexpectedly impacted by Covid-19. We need to understand which sectors will grow and provide new opportunities.

Trends

Economic growth

Central Bedfordshire generated £5.9 billion GVA in 2017, a 33% growth since 2010. It is home to 119,000 jobs; 14,000 more than in 2007.

Ox-Cam Arc

The Ox-Cam Arc seeks to strengthen employment in higher value sectors. Central Bedfordshire’s key growth sectors include transport and storage, property, manufacturing, and professional, scientific & technical industries.

Behind Milton Keynes

However, Central Bedfordshire is trailing behind its neighbours in productivity terms, with a GVA per worker that is 26% less than that of Milton Keynes.