Pinewood Studios: Business Case and Economic Impact Assessment

Pinewood Studios LtdPinewood Studios: Business Case and Economic Impact AssessmentJanuary 2013Table 4.13: Medium term economic forecasts2012 2013 2014 2015 2016GDP growth (%) -0.4 1.1 1.9 2.3 2.4Inflation rate (%)- CPI 2.5 1.8 1.9 2.1 2.1- RPI 2.9 2.3 2.6 3.0 3.1Claimantunemployment(millions)Source: HM Treasury1.62 1.68 1.61 1.51 1.374.6.1.4 At a national level, sustainable, shared and balanced growth is a stated Government priority.The Growth Review was established in November 2010 and the Plan for Growth was announcedas part of the 2011 Budget. The Plan for Growth is based around four overarching ambitions forthe British economy and outlines a package of measures to support private sector investment,enterprise and innovation. This is underpinned by a number of policies which focus on keyissues such as UK trade and investment, developing a world-class skills base that provides aconsistent source of competitive advantage, driving innovation and providing infrastructure thatmeets the needs of industry.4.6.1.5 Central to all these policies is the need to achieve sustainable growth that is driven by privatesector investment, enterprise and government support that removes barriers to growth. TheGovernment recognises that the UK has intrinsic strengths to build on, which make it anattractive location for global companies and the Digital and Creative Industries sector isrecognised as one of the country’s key growth sectors in which the UK should strive to become aworld leader.4.6.1.6 The Local Growth White Paper 76 provides a complementary focus highlighting the need topromote private sector activity in order to create new sustainable employment opportunitiesand drive forward development. Stimulating local growth is focused on shifting power to localcommunities and businesses; increasing confidence to invest; and focusing intervention ontackling barriers to growth that the market will not address itself. The establishment of LocalEnterprise Partnerships (LEPs) led by the private sector, are a key component of theGovernment's strategy to promote and deliver local economic development and growth.4.6.1.7 London, the South East and the Buckinghamshire County, in which PSL is located, all representdynamic parts of the UK economy. With continued investment in appropriate infrastructure,the area is well positioned to deliver investment and growth that will have an impact on theoverall recovery of the UK economy.76Local Growth: Realising Every Place’s Potential, BIS, Oct 201063