Old towns and cities could generate £13bn for the economy, analysis has revealed.
According to the Local Government Association (LGA), the ‘untapped economic potential’ of older industrial towns could deliver significant national growth.
The analysis found that with the right resources and investment, these areas could benefit from the creation of more jobs and business opportunities, as well as enhanced ‘local prosperity’.
The LGA also highlighted the ‘unique’ importance of councils in delivering ‘local, inclusive economic growth’, compared to the Government’s emphasis on the role of Mayoral Combined Authorities.
Among the organisation’s recommendations, the LGA called for long-term funding and powers for local government, improved resources for councils, as well as transparency about how growth funds will be allocated.
Cllr Tom Hunt, chair of the LGA’s Inclusive Growth Committee, said: ‘Economic growth is the number one priority of the Government, so providing sufficient funding to councils – who can also break down barriers to inclusive growth by using their frontline services to improve people’s health, wellbeing and prosperity – is the smart way to drive up prosperity.
‘Only councils have the detailed knowledge of their communities and business and are best placed to work with investors, communities, their combined authority partners, where they exist, to unlock economic potential and better jobs.’
