The Committee considered a report setting out for endorsement the draft Reading Economic Development Framework 2025-35, which was attached to the report at Appendix 1.

The report explained that the draft Economic Development Framework provided a strategic blueprint for delivering sustainable growth, prosperity, and inclusion across Reading over the next 10 years, with specific actions outlined for the first five years.  The Framework built on previous strategies, aligned with other related national and local plans and prepared Reading for anticipated geo-political and economic shifts.  Reading’s Economy and Destination Agency (REDA) and the Council were the lead agencies and would oversee the implementation of plans and projects to promote investment and creation of high-value jobs in emerging technologies, green sectors and growth industries, and to reduce social isolation and long-term unemployment through inclusive economic participation.

The report noted that the framework identified eight priority interventions focused around the four thematic pillars of Inclusive Reading, Smart and Sustainable Reading, Destination Reading, and Reading City Region.  The Framework had been developed using the most recent sources of private and public sector data available, but the new Index of Multiple Deprivation 2025 had now been received and would be used to inform the implementation plan for the actions set out in the Framework.

Resolved –

(1)       That it be noted that the new Reading Economic Development Framework 2025-35 had been co-created by Reading Borough Council and Reading’s Economy and Destination Agency (REDA) with the support of consultants EMGT, commissioned by REDA;

(2)       That the draft Reading Economic Development Framework 2025-35, as attached at Appendix 1 and described in the report, be endorsed;

(3)       That an implementation plan based on the actions identified in the Economic Development Framework be produced and an annual progress report submitted to the Policy Committee.