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The East needs an Independent Economic Review

Writer's picture: Eastern PowerhouseEastern Powerhouse

Great to see the East of England Local Government Association (EELGA)'s report 'Opportunity East' on how the East of England can drive national productivity through innovation.


The report draws together a comprehensive range of economic and social indicators which highlight the region's positive contribution to the UK economy, as well as the many challenges that it faces. It warns that without a significant increase in investment, we should expect economic growth in the East of England and the UK to slow, something which we have also highlighted in our report, 'State of the Region 2023 - Falling Behind and Not Catching Up', last November. 

 

EELGA's report highlights the need to rectify the balance in public funding to the region, especially around infrastructure investment, to prevent more stalled development sites, and to enable businesses to expand and grow. As we have consistently argued, getting the public and private sectors working together can remedy inbound investment, achieving higher, sustainable, and inclusive growth, driving  productivity and the UK’s goals around innovation, net zero, and food security.

 

Our work, and EELGA's new report, describe the current state of the economy (looking in the rear view mirror). What is needed next is an assessment of what the future might look like, given different scenarios. An independent economic review of the East of England, under the leadership of a panel of distinguished experts, should undertake a detailed and rigorous assessment of our region


This would help to model the potential for growth across different sectors and localities, forecasting potential returns on investment, and future requirements for skilled labour in the parts of the economy that are most likely to generate growth. Such an account would explain how our region functions and provide the overarching narrative for its economic geography. This would provide a path-breaking route to a regional industrial strategy, charting what needs to be done to improve productivity and drive prosperity across the East.  

 

Steven Lynch MBE (Executive Director, Eastern Powerhouse) said:


"Working as a single regional body, partners across the private and public sector should come together to deliver such an endeavour, which is no less than what has been achieved in other English regions."

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