Economic support for local government and partners

Deliver Local Economic Assessments (LEAs) to understand the economic performance of local areas and identify opportunities and challenges for local economic development.

Questions we can help answer:

• What are the current industrial structures and productivity levels of your local area? How competitive are your key sectors when compared to similar sectors in other regions, within the UK and internationally?
• How have local house prices, income levels and consumer spending patterns changed over time in your local area?
• What are the impacts of new administrative or strategic geographies, including the formation of Combined Authorities? Is there evidence on the opportunities that cooperation can bring and a way to quantify the potential benefits?

Work in spotlight: Only a few northern economies will outperform the UK

Stereotypes about the north and south are not always correct. In 2016-19, a third of northern English local economies outpaced the UK. But at Oxford Economics, we forecast that in the next five years, that number will probably fall, as economic challenges grow, and unless ways can be found to raise the performance of more local northern economies.

Offer detailed, local sector and area-specific forecasts for UK local authorities, along with a range of alternative scenarios, including those driven by climate change.

Questions we can help answer:

• How will my local economy rank in comparison to other UK local authorities and on a global scale?
• What are the prospects for household incomes and earnings, as well as population by age cohort in my local area?
• What are the projected growth rates for key industries in specific local economies over the coming decade?
• How could developments in the wider economy, including advancements in AI and automation as well as climate change mitigation, impact the UK local economy?

Work in spotlight: Test Valley Economic Assessment and Forecasts

Commissioned by the Test Valley Borough Council, we conducted a detailed evaluation of Test Valley’s historical and projected economic performance. We delivered strategic recommendations aimed at empowering the local authority to capitalise on its strengths, whilst taking account of UK and global economic trends.

Quantify the economic impact of policies and initiatives at the local level for local authorities.

Questions we can help answer:

• How might policies designed to attract more inward investment affect local economic productivity and create new job opportunities?
• What local benefits can be expected from government investment in skill development?
• How could my local economy benefit from initiatives like cultivating the local knowledge economy, expanding the health and life sciences sector, prioritising the green economy, supporting the everyday economy, or embracing new technologies such as AI?

Work in spotlight: Raising Scotland’s Economic Growth Rate

Oxford Economics was commissioned by the Hunter Foundation to deliver an independent assessment of Scotland’s economic prospects and challenges, as well as the impact of policy interventions. Our analysis suggests that the existing economic policies of either the UK or Scottish governments are unlikely to significantly transform Scotland’s economic performance. We concluded that to close the gap with comparable nations, political leaders need to go beyond their present policy offers.  

Support local and combined authorities in developing action plans by providing in-depth socio-economic analysis; assist in developing Economic Development Plans for local areas.

Questions we can help answer:

• Which areas should local and regional partners prioritise— attracting inward investment, place-making, boosting exports or supporting local businesses?
  
• How can partners ensure that their initiatives are both inclusive and sustainable?
• How do local resources and opportunities align to your local economic development goals?
  

Work in spotlight: The Future of the South London Economy Post COVID-19

When the Covid-19 pandemic struck, the South London Partnership quickly commissioned the team at Oxford Economics to quantify the economic impact of the pandemic on the South London economy. We delivered economic forecasts for each of the SLP+ local economies, identified the key issues facing south London, and provided five strategic policy recommendations for partners to consider.

Zoom into topics that hold relevance to the local economy and quantify their economic implications.

Questions we can help answer:

• What has been the impact of Covid and/or Brexit on my local area, and has there been permanent damage?
• How wealthy are local residents, considering factors such as house prices, pensions, physical assets that are often overlooked?
• What are the biggest Net Zero challenges for local areas: road transport, factories, homes, farming or others?
• What would be the local economic consequences of physical disasters such as floods, resulting from climate change?

Work in spotlight: Hackney’s Green Economy: An asset to be nurtured

Claims about the scale and scope of the green economy abound. But what is the evidence? In partnership with Ramidus Consulting, we researched the current scale and specialisms of Hackney’s green economy, scrutinised existing data for likely errors, undertook new primary research, spoke directly to local businesses, and identified future opportunities and potential barriers to growth. We investigated the extent of green business networks within the borough and the potential for growing a thriving cluster, locally.