A new kind of economy
It is essential to Yorkshire’s future prosperity that we can compete fairly within the United Kingdom’s internal market and internationally, but first, Yorkshire’s economy needs putting on a new, stronger footing.
Deindustrialisation has left many parts of Yorkshire in decline. Our manufacturing heritage has been replaced by call centres and warehouses where jobs are often on short-term contracts and insecure.
Some would argue that the reason behind Yorkshire’s industrial decline was the failure to modernise compared to other parts of the world. It is certainly true, for Yorkshire businesses to compete in the future, we first need to invest much more in research and development, whether this is through public or private investment or a mixture of the two is immaterial but invest we must.
A new economic stimulus in the shape of ‘Community Wealth Building’ would help give Yorkshire business a much-needed hand-up.
Community wealth building is a fresh approach to regeneration.
So called anchor institutions, such as the local authority, hospitals, football clubs and universities, spend millions of pounds annually on goods and services – but much of this money is spent outside of Yorkshire and consequently of limited benefit to the region’s economy.
Overhauling these institutions procurement strategies will help transform Yorkshire’s economy. Buying goods and services locally means local businesses can thrive and grow and create local employment opportunities.
This is nothing new, world-wide, local communities are already adopting Community Wealth Building as a boost to their ailing economies. Why shouldn’t we, here in Yorkshire do the same?