New plan to foster a wellbeing economy approved

Councillors today (Tuesday) approved the Midlothian Strategy for Inclusive Economic Growth 2025-2030, a comprehensive plan aimed at fostering a wellbeing economy that supports local residents, communities and businesses. 

Extensive consultations

At the full Council meeting, councillors heard the strategy has been developed through extensive consultations with stakeholders, ensuring it reflects the needs and aspirations of the region.

Opportunities accessible to all

Cllr Colin Cassidy, Cabinet Member for Economic Development said: "As Scotland's fastest-growing local authority area, our commitment to inclusive growth is vital. We are dedicated to ensuring that economic opportunities are accessible to all residents while taking protective steps for our planet.

Join in our journey

"Midlothian Council invites all stakeholders—businesses, community organisations, and residents—to join in this journey towards creating a vibrant economy where everyone can thrive. For more information about the Midlothian Strategy for Inclusive Economic Growth 2025-2030 or to get involved in its initiatives, please contact Midlothian Council's Economic Development Service. Together, we can build a great green place to grow.”

Key highlights

These include:

• It’s Vision for a Wellbeing Economy: The strategy aims to create an economy that benefits all residents, ensuring opportunity and fair work for everyone through collaboration, inclusivity, innovation, and ambition.
• Alignment with Local and National Plans: It aligns with the Single Midlothian Plan 2023-2027, focusing on:
• Improved health and skills for learning, life, and work.
• Eradication of poverty.
• Significant progress towards net-zero carbon emissions by 2030.
• Partnership Approach: The strategy emphasises collaboration among local businesses, educational institutions, and community organizations. Notable initiatives include:
• Establishing an enterprise hub in partnership with Edinburgh College.
• Integrating entrepreneurship into local education curricula to promote entrepreneurship as a valued career pathway.
• Community Wealth Building Framework: This internationally recognised approach to creating a Wellbeing Economy focuses on generating and retaining wealth within local communities using five pillars of: Progressive Procurement, Plural Ownership, Fair Work; Land and Property Management and Finance.             

Support for Local Businesses

The strategy aims to simplify procurement processes and make Council contracts more accessible to local businesses. The development of geographic and thematic Business Associations will help strengthen Midlothian’s local economy by enabling businesses to pool resources and increase competitiveness.

Focus on Local Employment

Emphasising local jobs for local people, the strategy ensures that employment opportunities created through infrastructure upgrades are accessible to local contractors and young people seeking careers in various industries.

Response to Economic Challenges

The strategy addresses ongoing challenges such as the impacts of COVID-19 and rising living costs by outlining ten strategic priorities:

• Supporting business and employment growth
• Attracting inward investment
• Providing business premises
• Regenerating town centres
• Enhancing infrastructure
• Building resilience and community wealth
• Improving skills and employability
• Supporting the transition to net-zero
• Operating within a different funding regime
• Tackling inequality

Significant Business Community

In 2023, Midlothian had approximately 2,570 registered small and medium enterprises (SMEs) that collectively account for about 59% of the total workforce. These SMEs are essential for creating a connected, collaborative and ambitious economy for Midlothian.