Developing Road to Recovery
A plan is being developed to help South Tyneside recover from the economic impact of coronavirus.
It will set out a list of interventions and projects needed to help the borough bounce back from the economic shock of the pandemic.
Since March, there has been a three per cent rise in unemployment, a 10 per cent fall in job vacancies and 16,000 residents are on furlough schemes, many of which are in high-risk sectors. Over the coming months, this picture is likely to deteriorate as government support streams are withdrawn, businesses experience cash flow problems and school leavers enter a labour market with fewer jobs.
South Tyneside Council's Cabinet will next week learn about progress on the plan, which will dovetail with national and regional approaches being developed to stimulate the economy. They will also be told how the plan will highlight opportunities for future economic growth, for example the growing reputation of the borough as a location for innovation and investment, particularly around the offshore and renewable energy sectors.
Work carried out so far has included measuring the economic impact of Covid-19, identifying trends, challenges and opportunities arising out of the pandemic and establishing six themed groups to map out a set of actions needed to aid recovery.
Cllr Iain Malcolm, Leader of South Tyneside Council, said: "The pandemic and the resulting lockdown have had a profound and potentially long-lasting impact upon the global, national and regional economy.
"South Tyneside has been disproportionately affected for a number of reasons, including the fact that it is a coastal community heavily reliant on the tourism industry, which has been hit hard.
"The plan will set out what is needed in the short, medium and longer term to help the borough recover, in a sustainable way that aligns with regional and national plans.
"As well as the challenges presented by Covid-19 there are also a number of opportunities - such as an increase in investment in the low carbon economy - and it's important that we capitalise on these too."
Local stakeholders, including the business community, Nexus and the Port of Tyne, will be consulted.
The final Economic Recovery Plan will be brought before Cabinet for approval and adoption later this year.