INVESTMENT PRIORITY 2 – SUPPORTING THE ECONOMY Sample Clauses

INVESTMENT PRIORITY 2 – SUPPORTING THE ECONOMY. The two primary towns of Lowestoft and Felixstowe face very pressing and comparable challenges sharing an agenda for resort management, regeneration, and social cohesion. The towns are major employment locations supporting a wide catchment area with key industries including energy, manufacturing, port-related activities, food and drink and tourism. Significant factors including the activities of 1st East URC and the Haven Gateway Partnership, capital investment in OrbisEnergy and Adastral Park and opportunities in the energy sector, will all help to ensure that East Suffolk has an exciting and prosperous future. A skills shortage exists in the East Suffolk area and the shortage is set to increase within the next five years as a significant percentage of the workforce reaches retirement age. A shortage of skills is a major contributor to unemployment and as the economy of the area develops will be a significant factor potential employers will take into consideration when deciding whether or not to move into and invest in the area. If the shortage and upwards trend is to be reversed investment in education and specialist skills training premises and courses is required. The East of England is a major generator of energy and supplies around half of the UK’s domestic gas requirements, generates nuclear power and is the leading region for renewable energy generation. The region’s energy and low carbon sectors form 10% of the UK market and are worth more than £12.9billion with around 6,200 companies employing 103,400 people in the region. More than £24billion will be invested over the next 10 years around the east coast in offshore renewable energy and Lowestoft is in a prime position to reap the many benefits this investment could bring. Lowestoft is already home to the operations and maintenance base for the 500- megawatt Greater Xxxxxxx scheme off the coast of Sizewell and is ideally placed to capitalise on the proposed £24bn windfarm development entitled the 'East Anglia Array' which is to be built off the Suffolk and Norfolk coast. Following its Energy Review, in January 2008 the Labour government stated that Britain needed a mix of power plants, including nuclear, as well as a commitment to alternative and more efficient forms of energy. This statement paved the way to allow a new generation of nuclear power stations to be built and with Sizewell A and B due to be decommissioned within the near future, the site at Leiston was chosen to be the location of S...
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