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October 28, 2011

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Philip Craig

The LEP agenda is critical to improving UK competitiveness and to reducing imbalances between and within areas. The government has repeated the mantra that LEPs would be business-like and business-led, recognising this as the key to successful economic development. However, there is much more to do:

1) LEPs need to lever in other sources of public and private sector funding – their own budgets are minuscule compared to the size of the local economies and even public sector spending.
2) LEPs must be highly influential through their clout and the strength of their analysis - other bodies take most of the key decisions that influence economic development - eg on transport, planning and skills.
3) LEPs should be effective catalysts - individual companies and public sector bodies must raise their productivity, in order to improve UK competitiveness, there is a great deal to learn from the RDAs in terms of their ‘strategic added value’.

The LEPs must set a limited number of well-defined priorities, which will have the maximum impact on economic development. Each LEP should publish, say, five current priorities in the form of ‘SMART’ objectives. They must then avoid spreading their efforts too thinly and they must be encouraged to prioritise. This will be helped by budgetary flexibility and operational freedom – Whitehall letting go, based on evidence of real cost savings. Overtime LEPs will need to establish a strong commercial culture and skills base, whereby they have the skills to take risks that are well thought through (i.e. skills in negotiating, influencing, partnering, project management, appraisal and evaluation). Stronger engagement with business and faster access to business intelligence would also help (BIS Local does not have this capacity post RDAs). The LEPs could conduct communications audits and act swiftly to close the gaps.

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