Published: 19th Jun 2018

More than a third of UK local authorities have had their funding for economic development cut by more than 25% in the past five years, according to new research by the Institute of Economic Development (IED). A survey carried out by the IED found 38% of local authorities revealed that their economic development budget had declined by over a quarter since 2012, which it claims could make the Government’s flagship Industrial Strategy ‘impossible’ to deliver locally. The survey also found more than a third (37%) of economic development professionals believe that no new funding will be made available and a further 30% said that more cuts are still likely. Only one in 10 of those surveyed are expecting an increase in economic development funding as a direct result of retaining business rates. Some respondents reported that the impact of economic development is not well understood by elected members in their … (To read the full article, subscribe below)