Good Local Economics

Across the UK places are rethinking local economic development. Recession and austerity may have prompted the rethink but, for many areas, the new economics is proving a more effective and equitable way to create and sustain communities

When the governor of the Bank of England Mark Carney last week announced rapid growth forecasts for the economy, local areas could be forgiven for not agreeing with his ‘glass half fall’ analogy. Traditional economics has not always served local areas well, and has in many cases made things worse. As austerity and financial collapse play havoc on local areas and their economic prospects, the realisation is dawning that traditional responses are not working. Places are questioning the traditional and opening their eyes to the alternative.

There’s a new restaurant in Colchester. Called ‘The Glasshouse Brasserie’, it occupies a modern, light and spacious building on the edge of Colchester’s former Roman port. This part of town is called The Hythe and has for many years been the scene of a running battle between developers, residents, landowners and the local council.