Business and political leaders continue work on the Silverstone 2035 vision, aimed at developing the area’s cutting-edge expertise to create a major economic powerhouse for the UK.
BUSINESS leaders are allying with government and academia to develop a vision for the South Midlands economy that will create a growth gem in the heart of the UK and a crown jewel in the Oxford Cambridge growth corridor.
They have begun work on the Silverstone 2035 Vision, centred around the motor racing circuit and its worldwide reputation for advanced manufacturing, high-performance engineering and technology.
The aim is to attract investment from all over the world and grow Silverstone and the surrounding area as a business innovation centre and leisure destination.
Silverstone 2035 is a growing coalition of more than 60 companies, education establishments and the public sector. Led by the University of Northampton and backed by both the Silverstone Circuit and Silverstone Park business cluster, work is under way to build a sub-regional development platform that uses the sporting and innovation reputation of Silverstone to bring investment and jobs to the region.
A document is being put together showcasing the region’s attractiveness to investors and is due to be delivered to government this month for the eyes of the Office of Investment and the Invest 2035 industrial policy team,, said the University of Northampton’s associate professor Adrian Pryce, who is leading the project.
It follows two workshops in February to develop the a draft vision.
“It is part of the process to get a regional coalition of support behind a Silverstone 2035 Vision so that we can lobby central government to invest part of its Industrial Strategy here,” Adrian added.
Renowned for its cutting-edge expertise, the area has the potential to build on its existing position to become a world-class hub for high-performance engineering and innovation, he said. The Silverstone area is very strong in engineering problem solving in the D for development of R&D and would benefit from greater research base in the area. Beyond its industrial prowess, Silverstone could also become a leading year-round destination for events,tourism and hospitality, offering leisure, sporting and cultural experiences that combine its heritage with forward-thinking developments.
Working with independent regional strategy specialist Whitecap Consulting and sector specialists such as Tomorrow’s Tourism, HN Communications and public affairs specialist Art Conaghan, the University of Northampton has been commissioned to undertake the strategic visioning exercise to create a high-level strategic concept that will inform future detailed planning efforts for a long-term, place-based strategy.
The project is funded by Buckinghamshire Council, Silverstone Circuits, Silverstone Park and West Northamptonshire Council, with the support of the Silverstone Technology Cluster. A second project is about to start, looking at the economic and social impact of the Silverstone circuit in order to provide quantitative evidence in support of the 2035 Vision.
The strategic visioning exercise is an important step towards unlocking the full potential of the Silverstone ecosystem as a dynamic, diversified and sustainable economic hub, driving growth and productivity, Adrian said. It will create a core proposition to guide local economic development, planning, and lobbying for central government funding and support.
“The idea is that it becomes self-sufficient, able to attract private and foreign investment and that as part of the Oxford-Cambridge Corridor Supercluster it will help create the Silicon Valley of Europe with Silverstone a key component,” said Adrian.
“The ultimate aim is to create two distinct but supporting clusters for balanced economic development that spreads risk; one for advanced manufacturing and high-performance engineering and a second as a business and leisure tourism destination. Something really exciting is happening here.”
The 2035 Vision was due to be published as Business Times went to press. As well as the planned circuit impact study, several follow-up work streams will drive implementation of the vision.
They will look at key areas such as infrastructure needs, research capacity, skills and training, the visitor economy, esports and augmented reality as well as inward investment and how the Silverstone ecosystem connects with national and other regional development bodies such as the Oxford-Cambridge growth corridor.
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