A REGIONAL development board has taken a step towards approving a £2 million five-year plan to improve “under-performing” investment figures.

The Greater Brighton Economic Board heard yesterday that the region is lagging behind comparable regions when it comes to investment from elsewhere in the UK and from overseas.

Consultant Barney Cringle from Regeneris – which prepared the report for the meeting – told the meeting: “The numbers are small.

“The area is under- performing in terms of inward investment.

Regeneris concluded the potential of the region was not being realised because of a lack of promotion and a lack of co-ordination.

Its report said: “An analysis of the Department for International’s national inward investment successes over the past few years highlights that Greater Brighton is underperforming compared with other locations.

“Competitors like Bristol/Bath, Reading (Thames Valley) are consistently winning more investment, establishing track records and reputations which encourage further success.”

Its analysis showed the area will face “stiff competition” from elsewhere in the UK, even in sectors in which it has traditionally excelled such as creative and digital services.

The influence of Brexit on both large and small firms will necessitate a “supportive business environment” to encourage investment here.

So it has proposed a “trade and invest team” with dedicated resources which would take the lead in promoting investment into the city region, and act as the initial point of contact for inquiries from business.

The team would seek to promote Greater Brighton, generating interest from businesses and work on converting those “leads” into investment.

It would also encourage expansions by existing foreign and locally owned facilities, engage with key businesses to support expansion and work to encourage more businesses to trade internationally.

The project will also call for a physical hub in town halls to accommodate the team and host visiting delegations.

Councillor Garry Wall, leader of Mid Sussex District Council, said: “What we’re asking for is £2 million over a five-year term

“The money will have to come from contributing partners.

“I don’t see that as a bad investment, but the message to Government has to come from the biggest, strongest voice.”

He stressed the importance of using the Coast to Capital Local Enterprise Partnership to bid for investment.

Councillor Tony Janio told the meeting at Hove Town Hall it was important the report be focused on specific actions.

He said: “I don’t fully understand what the vision is for the Greater Brighton Economic Board, I’m not sure if any of us do.”

It would cost £2,181,000 over five years, which could come from local and national Government, and business.

The meeting agreed to authorise officers to go ahead with “preparing a detailed working proposal around how to take forward the two key recommendations.”