Oxford City Council marks the second anniversary of its Economic Strategy
Oxford City Council marks the second anniversary of its Economic Strategy by celebrating higher wages for over 25,000 people from 100 organisations and achievements linked to the £1 million boost from the UK Shared Prosperity Fund (UKSPF).
Launched in 2022, the strategy identifies ways that Oxford’s economic strengths can be used to benefit more local people and businesses. It is structured around three main pillars: inclusive economy, global impact, and zero carbon city.
Key achievements towards an Inclusive Economy
The Council has prioritised its own work around creating an inclusive economy, ensuring more people benefit from the city’s economic success.
It has facilitated partners' work on the other pillars, ensuring that the most suitable organisation is positioned in the relevant area.
Achievements include:
- Oxford Living Wage: This has led to wage increases for over 25,000 employees from 100 employers, directly addressing income inequality within the city.
- Support for local businesses: The 'Meanwhile in Oxfordshire...' programme provided affordable workspaces to 100 organisations, safeguarding 200 local jobs. To complement this, the Council developed an Affordable Workspace policy, part of the Local Plan 2040, and has three community enterprise hubs in the pipeline.
- Meeting demand for lab and office space: The Council has facilitated four growth areas to meet demand for labs and offices: redevelopment of Oxford West End, the development of Oxford North, plus expansions at Oxford Business Park and Oxford Science Park.
- Community Employment and Procurement Plans (CEPPs): The Council has been promoting CEPPS through planning agreements meaning there are tangible community benefits attached to new developments. Working with local delivery organisations, the Council aims to maximise the employment, training and contracting opportunities available for local people, ensuring that economic growth benefits everyone.
- Social value networks: The launch of "Match My Project" has transformed the way community projects, businesses, and suppliers collaborate, driving social value and mutual support across the city.
- Infrastructure and public realm improvements: From advancing plans to reopen The Cowley Branch Line to enhancing Market Street and St Michael’s Street, the Council's focus on infrastructure is paving the way for improved transport and more vibrant public spaces.
£1 million boost from UKSPF
In December 2022, the Council was awarded £1 million from UKSPF as part of the government's Levelling Up agenda. This funding has supported key initiatives aligned with the Economic Strategy — including the growth of the social economy, enterprise development, and training for future business leaders — and significantly boosted employment in Oxford.
UKSPF funded work has contributed towards a 2.8% increase in the economic activity rate of 16–64-year-olds, adding 4,200 people to the workforce. The employment rate has risen by 4.9%, bringing an additional 5,600 people into employment — outpacing regional and national growth.
Looking ahead: priorities for 2024/25
In the strategy's third year, the Council is reaffirming its commitment to making the local economy fairer and will focus on expanding its achievements to date.
Key priorities include developing a citywide skills strategy to meet the needs of a green economy, expanding access to affordable workspaces, and enhancing platforms like "Match My Project" to increase social value.
OxLEP, in partnership with SOFEA and Aspire Oxfordshire, have been awarded funding to deliver the 'No Limits 3' programme, supporting the Council’s UKSPF investment plan by focusing on employment, training, and green skills development for people and communities furthest from the labour market.
The Global City Taskforce will continue to tackle critical issues such as rail and public realm infrastructure, and investment opportunities.
Comment
"We are proud of the progress made over the past two years in making Oxford’s economy more inclusive, sustainable, and resilient.
“Our continued efforts, supported by the UK Shared Prosperity Fund, are helping to create opportunities for all residents, reducing economic inequality and making the city fairer.”
Councillor Alex Hollingsworth, Cabinet Member for Business, Culture, and an Inclusive Economy
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