The Hertfordshire Growth Board reacts to government’s 2024 budget announcements, which reflect a commitment to long term growth for the country and tackling immediate spend pressures. HGB are encouraged by the increased funding for affordable homes projects, healthcare provision and a refreshed industrial strategy.  

Yesterday Chancellor Rachel Reeves delivered her first budget setting out Government’s plans for investing in the foundations of future growth. Key announcements include an extra £500m in new funding for the Affordable Homes Programme, additional funding for the NHS, boosting investment in science and technology, transitioning to clean energy, and upgrading infrastructure, as well as £240 million in funding to help people back into work.

Measures announced yesterday will further support HGB’s Vision and Missions for a world-class economy, building the right homes in the right places, tackling homelessness/ temporary accommodation challenges, and a healthier, more sustainable county. Hertfordshire is an economic powerhouse with high growth sectors in advanced manufacturing, creative industries, digital, life sciences as well as professional business services collectively providing significant contribution to the national economy as well as thousands of quality local jobs.

The county is also leading the way in delivering thousands of quality new homes in the right places. In Hertfordshire, we pioneered the first garden cities and new towns and have committed to building an additional 100,000 homes over the next 15-20 years.  This includes two new towns – Harlow Gilston Garden Town and Hemel Garden Communities – each delivering over 10,000 homes and inclusive, integrated communities with better access to nature, green spaces, and self-sustaining economies.

We look forward to working with Government to deliver the right homes in the right places for the benefit of our communities and drive long-term economic prosperity so that everyone in Hertfordshire can thrive.

Hertfordshire’s response:

Cllr Jeremy Newmark, Chair of HGB and Leader of Hertsmere Borough Council said “Yesterday’s budget is welcome news.  As an economic powerhouse, Hertfordshire is critical to the Government’s plan to power up Britain. Film and creative industries, pharmaceutical manufacturing and life sciences are local sectoral strengths, with 70,000 businesses and clusters to sustain and grow. Hertfordshire stands ready to engage with ministers and partner with government to deliver local growth to boost productivity and ensure that all communities benefit from improved living standards.”

Cllr Richard Henry, Vice Chair of HGB and Leader of Stevenage Borough Council said “I am delighted to see the much-needed cash injection to top up the Government’s Affordable Homes Programme. Across the county, we are building the right homes in the right places with the highest number of new homes built since 2001 and a planning application approval rate of 84%. In Stevenage we are delivering thousands of new quality, affordable and social homes and this will further help to support our ambitions.”

Mayor Peter Taylor, Vice Chair of HGB and Elected Mayor of Watford said “A key priority in yesterday’s budget is to secure the growth of our key sectors – many of which we have here in Hertfordshire. I’m pleased to hear Government will continue to support Levelling Up Funds. Our town centres and smaller businesses are essential to our local economies and must continue to thrive so that no community is left behind.”

For the first time, Hertfordshire will be represented at Europe’s premier real estate and investment fair EXPO REAL this October as part of a wider UK delegation.

Invest Hertfordshire, the county’s new inward investment service, has been invited alongside UK Innovation Corridor (UKIC) to promote and attract investment into sites across the region at Europe’s largest trade fair.

As well as participants spanning the real estate and property sectors, the three-day event from 7-9 October attracts politicians, developers and investors keen to find out about wider trends and market opportunities.

Invest Hertfordshire will bring three key sites to market:

• Herts IQ and Hemel Garden Communities: The county’s enterprise zone is leading the development of 3 million sq. ft. of new commercial space into a zero carbon, digitally connected workplace, just 30 minutes outside London. Hemel Garden Communities is an ambitious development programme that will transform Hemel Hempstead and create attractive and sustainable new neighbourhoods and communities to the north and east of Hemel Hempstead, through the delivery of around 11,000 new homes and 10,000 new jobs
  by 2050.
• Stevenage Town Centre: a major £1bn regeneration programme led by Stevenage Borough Council delivering a reinvigorated town centre with a mix of transport facilities, leisure, culture, retail and commercial spaces, and town centre living.
• The Assembly: Developer Reef Origin and investment bank UBS are delivering The Assembly, sitting in the heart of a growing life sciences industry and bringing commercial life science space, retail, restaurant and collaboration areas.

Invest Hertfordshire, managed by Hertfordshire Futures, formerly Hertfordshire LEP, was established in2023 to showcase the county’s key strengths, business clusters and opportunity sites, and act as a gateway for companies looking to relocate or expand. A dedicated inward investment team manages enquiries, tapping into expert sectorial knowledge and local intelligence and providing access to wider networks across education, business support, commercial agents and suppliers. With a new inward investment website, brand and support team, Hertfordshire is now strongly positioned to generate and manage investment queries, helping businesses to successfully land and succeed.

The service was officially launched at the UK’s Real Estate, Investment and Infrastructure Forum (UKREiiF) in Leeds (21-23 May 2024). Over the past year, Hertfordshire is now listed in the top five UK locations for foreign direct investment jobs growth (2023/24). Its GVA of £46bn pa is on a par with UK city regions and is driving growth across several key sectors spanning film and TV, the built environment, advanced manufacturing and life sciences with a global recognised specialism in life-saving cell and gene therapies.

Melanie Miller, Investment Manager, Hertfordshire Futures said: “I am delighted that Invest Hertfordshire has been invited to join the UK delegation. This demonstrates the strength of our offer and enables the county to compete on an international platform, putting Hertfordshire on a par with other cities and regions across Europe. Opportunities such as this enable us to showcase our strategic advantage and ensure the benefits of economic growth are more fully realised.”

Adam Wood, Hertfordshire IQ manager, said: “EXPO REAL presents an exciting opportunity to bring our enterprise zone to an international audience. Located in the heart of the ‘Golden Research Triangle’ between Oxford, Cambridge and London, Herts IQ provides the optimum location outside London to connect tech, talent and research. The zone offers a raft of benefits for a growing business community and is ideal for organisations in agri-tech, sustainable construction and clean tech, of any size from start ups to SMEs and multi-nationals.”

To find out more about the opportunities available, visit:
Invest Hertfordshire

To find out more about Invest Hertfordshire and speak to the team, telephone: 01462 244 700 or
email: info@investhertfordshire.co.uk

Hertfordshire residents will get the chance to learn more about the digital switchover at a series of community forums hosted by BT.

The digital switchover is taking place in 2025, when telecoms companies will retire the analogue telephone network in place of a digital telephony network. For most, this will mean plugging your telephone into your broadband router.

When and where are the forums?

How might you be affected?

Residents and businesses could be affected in different ways:

• If you do not have a broadband connection.
• If you do not have a mobile phone or signal where you live.
• If you use your landline for telecare systems, home alarm or a fax machine.
• If you use a landline for burglar alarms, lift alarms or card payments.

Residents and business owners should attend a session or contact their telephone provider if they think they may be affected by the change.