The Role of Economic Development

Local authorities are among the most powerful economic agents in their areas. However, no local authority can claim to be able single-handedly to ‘solve’ local unemployment or improve the competitiveness of the local economy. The extent to which influence in this respect can be achieved clearly depends on the policies and actions of central and regional government, on macro-economic circumstances, and on the policies adopted in Europe that directly affect projects and initiatives which are developed and delivered locally. While local authorities do not have the resources to make a large impact in macro-economic terms, they can intervene positively in micro terms where they perceive market failure in a specific area of the economy. Mostly this is done through combining and sharing local resources in a targeted way with other strategic partners.

North Norfolk District Council’s Economic Development Unit is part of a multidisciplinary Community Division incorporating Economic Development, Planning Policy, Coastal Strategy, Leisure & Cultural Services and Strategic Housing. A major ingredient for achieving a cohesive and sustainable approach to regeneration activity not only rests on fostering the links between external funding partners, but importantly between the Council’s statutory and non statutory services, where shared objectives and joint working brings a greater dynamic both to the understanding of issues and delivery of projects and initiatives which deliver direct benefits to our communities.

Most of the initiatives open to local authorities in the area of economic development require expenditure, if only in staff costs and overheads for advice and information services. While financial assistance is available from both central and regional government and from the European Community, for a variety of different projects, almost all capital investment and most current expenditure on operating costs involves the authority itself in meeting part of the cost out of its own resources.

It can be easy to overlook the crucial role that the Economic Development Unit plays in influencing the policy-making process among sub-regional and regional players, making full use of the authority’s powers and technical skills to attract higher levels of investment into the District. This role has become increasingly important with reducing levels of public sector investment available to match-fund or pump-prime new projects. Collaboration on the ground is now essential between regeneration organisations as well as between departments within local and central government. A multi-agency approach is required both to tackle the range of problems and to bring sufficient funds to the table. The Economic Development Unit therefore acts as facilitator in this respect and co-ordinates the effective collaboration between individuals and organisations in the public, private, voluntary and community sectors.

The Economic Development Units framework for action, is set against the powerful forces of globalisation, which is shaping the Norfolk economy.  For any area to continue to prosper, we must unlock the talents of every resident and community of North Norfolk.  We must make sure the principles of sustainable economic development – encouraging change that lasts, that local people feel part of, and that respects the natural environment – remain at the heart of our plans for the North Norfolk area.

For this to happen, we must ensure that our policy-making and governance is robust enough to create the right platform for our wealth – creating businesses and entrepreneurs.

In order to do this we need to establish ourselves as important contributors alongside regional, sub-regional and local partners, which will enable local businesses to invest, innovate and make profits, and at the same time create opportunities for all.  By embracing change we must help to lay the foundations for reform that will unleash the economic potential of every part of the Eastern Region, as proposed in the Review of Sub-National Economic Development and Regeneration, which sets out a vision for economic development reform.

This includes a new duty on local authorities to assess the economic conditions of their local area, a statutory framework to support sub-regional partnerships, and the process for drawing up sustainable integrated regional strategies.

With national and regional agendas set to change this council will continue to deliver its services within the context of the following:

• making it easier for businesses and entrepreneurs to create jobs and wealth, and to unlock the talents of local people.  It is recognised that global economic challenges will not respect administrative boundaries, so the public sector must adapt to work better for business.
• implementing reforms in a way that ensures we achieve growth that is environmentally sustainable and makes the transition to a low-carbon economy, and
• ensuring that people have a real and meaningful say over the places where they live and about which they care deeply, with effective opportunities to influence regional planning.