Finance sector to have say in Norwich’s future growth

Knowledge and expertise from the financial industry is a key ingredient for the growth of the local economy and a priority sector to support, according to a new strategy document.

The Greater Norwich Technopole report recognises that economic growth in Norwich, Broadland and South Norfolk will be driven by the so-called knowledge economy and that financial services is a priority sector of national and international importance.

Prepared by the Greater Norwich Development Partnership (GNDP), the report highlights the work it has done with local and national partners to understand the knowledge economy and explore what is needed to support it.

The report also recognises the role of the National Skills Academy for Financial Services and identifies the Financial Industry Group as an established ‘knowledge network', acknowledged as a key element in cluster development.

The importance of the Technopole is underlined by the fact that the Cities Outlook 2010 report ranks the Norwich urban area in the top ten cities in the UK in terms of employment in knowledge intensive businesses.

The report was officially launched at the new Norwich Research Park Innovation Centre (NRPIC), of which GNDP is one of the sponsors. The launch was also a chance for Fig to set up closer links with the centre. Fig Director Marjorie Eade will be meeting John Irving, NRPIC Project Co-ordinator, to identify some of the opportunities for the financial sector to work with both the centre and the exciting businesses that are setting up in its laboratories and offices.

Greater Norwich is one of the East of England's seven “engines of growth”. It has been designated as a new growth point and is expected to deliver 35,000 new jobs over the period 2001 to 2021. The ‘Cities Outlook 2010' report ranks the Norwich urban area in the top ten cities in the UK in terms of employment in knowledge intensive businesses. As well as financial services, key knowledge economy sectors and clusters include: