10 realistic policy options and mechanisms for a short-term boost to local economic growth

The Labour Party, in its manifesto has emphasized economic growth as its main avenue towards increasing tax revenues to help improve public services and help address some of the opportunity challenges and problems in the UK economy

We should also think about the consequences of a better national outlook for economic growth – as it increases potential borrowing within the fiscal envelope.

This podcast explores ten "realistic" policy options for local economic growth, emphasizing local projects and initiatives with a short-term impact.

The podcast video can be viewed below (10 mins). A mobile-friendly version is posted here . As per usual - a written summary of the podcast is also provided.

Key Considerations

• Private Sector Involvement: Policies should leverage private sector co-investment and demonstrate a strong business case.
• Project Readiness: Projects need to be shovel-ready for quick delivery within a two to four-year timeframe.
• Human Capital: Investing in transferable skills like communication and project management is crucial for long-term adaptability.

Ten Policy Options

1. Clear Objectives: Establish clear local growth plans with a dedicated national funding allocation.
2. Nudging Big Business Investment: Encourage private sector co-investment through local growth funds.
3. Leveraging Existing Assets: Maximize value from existing infrastructure and assets like employment sites.
4. Public Investment for Private Growth: Short-term public investments in infrastructure can unlock private sector development.
5. Direct Public Investment: Invest in high-demand transportation projects or public service upgrades.
6. Activating International Demand: Attract foreign students and foreign direct investment.
7. Industry Modernization: Encourage innovation and upskilling within key industries.
8. Employability Initiatives: Implement programs like skills bootcamps to enhance workforce qualifications.
9. Workforce Agility: Invest in transferable skills to prepare workers for future changes.
10. High-Growth Businesses: Incentivize and support high-potential startups that contribute to the UK economy.

Conclusion

I've focused on known solutions that could be rapidly deployed. I do hope there are other policies that run in parallel to address challenges such as local economimc development, workforce development and employability, devolution, affordable housing, inclusion and inequalities. And it would be great to have a long-term commitment to local and regional economic development.

Success in local economic growth relies heavily on private sector involvement and strong business cases for projects. While many of these strategies are familiar, the emphasis shifts towards leveraging private investment and unlocking major development projects within a short timeframe. Additionally, there's a call for innovation and increased use of technology in public services to stimulate domestic demand and growth in technology and service industries that will benefit the UK economy in the long run.

If you want to browse the videos currently released

Click here to view the youtube podcast site . Or click on the podcast menu item above to access the videos. Videos will be released over the next few months (June-September 2024). There is also a mobile phone friendly version on the youtube shorts site .

I help to build great economic development organisastions

Glenn Athey is a leading economic development and regeneration professional and senior executive with a 30-year track record of successful leadership, delivery, networks, and practical knowledge acquired working in senior roles in government agencies, partnership organisations and UK think tanks.

Glenn helps local leaders translate their economic ambitions into winning advocacy and solutions that get funded.

Get in touch via LinkedIn messaging or the contact form on the website .