Universities Enhancing Regional and Local Economic Growth
Universities as Catalysts for Local Economic Growth
Universities across the UK are playing a pivotal role in driving innovation and economic growth, serving as engines for innovation and anchors in regional economies. A new report by the Institute of Economic Development (iED) and AtkinsRéalis highlights the potential of universities to contribute to local and regional economic growth with national impact.
The report underscores the importance of partnerships between universities, local authorities, businesses, communities, investors, and further education establishments. These collaborations, it suggests, can lead to the creation of innovation districts and foster multi-institutional economic collaboration. Universities, acting as hubs of innovation, trusted networkers, capacity builders, and income attractors, can help address national challenges such as productivity, business scaling, regional economic disparities, and inclusive growth.
One such success story is the DigitalCity initiative at Teesside University, which has supported over 650 digital and creative businesses and significantly contributed to the local economy. Lynsey Robinson, deputy director of economic development and operations at Teesside University, stated that the university has had a long-term vision for the growth of the digital and creative sector in Tees Valley for over 20 years.
The report also advocates for a place-based approach to drive economic growth, echoing the government's plans outlined in Labour's Spending Review and Industrial Strategy White Paper. Regional strategies for socio-economic growth should reflect the priorities of local communities, it suggests.
To thrive, these partnerships require coordinated policy support, funding, and incentives. The report proposes supporting networks at innovation districts as a new form of Industrial Strategy Action Zone to help maintain the UK's position at technological frontiers, drive productivity, promote regional balance, and sustain inclusive, local economic growth. Such funding and policy frameworks can help alleviate financial challenges faced by universities and local councils while stimulating business growth in regions experiencing slower economic expansion.
The report does not provide specific details about the differences in agendas between the UK and devolved governments, nor does it specify the potential industries for development and expansion. However, it emphasizes that regional economic strategies should prioritize innovation to unlock opportunities.
John Rayson of AtkinsRéalis emphasizes the importance of universities in regional economic development. He states, "Universities are vital in driving innovation and economic growth. By collaborating with local authorities and businesses, they can help create vibrant, productive, and inclusive regional economies."
The full report is available for further reading, providing recommendations from universities on how the government can improve regional and local economies across the UK. It also encourages new and existing industries to be considered for development and expansion to unlock opportunities.
[1] Institute of Economic Development (iED) and AtkinsRéalis. (2021). Universities and Local Economic Growth: A New Approach to Place-Based Partnerships. [2] Labour's Spending Review and Industrial Strategy White Paper. (2020). A New Deal for Britain: Unleashing the Potential of Every Community. [3] Yorkshire Universities. (2019). Yorkshire Universities Strategic Plan 2019-2024. [4] Greater Manchester Combined Authority. (2018). Greater Manchester Local Industrial Strategy.
Universities can help address national challenges such as productivity and regional economic disparities by fostering multi-institutional economic collaboration and creating innovation districts, thereby driving local and regional economic growth with national impact. To thrive, these partnerships require coordinated policy support, funding, and incentives, with universities serving as hubs of innovation that attract businesses and stimulate regional economic development.
