“To foster rural enterprise and aim to unlock the potential in the UK’s rural economies” [NICRE]
Do East Devon and Sidmouth local authorities have an eye to developing such strategies?
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There might be all sorts of ways in which a rural economy such as that of the Sid Valley could expand and even go beyond its traditional base.
Areas such as ours could surely take advantage of ‘niche’ areas such as sustainable food tourism. whilst in general there needs to be much more dynamic support for rural small businesses.
During the pandemic, as we looked to the promise of working from home, there was a lot of talk about “levelling up rural and the untapped potential” of areas beyond the metropolis. Since then, this has developed into looking at AI and rural communities, from providing healthcare and policing to helping farmers and small businesses.
So far, so good, but still the potential is untapped.
The National Innovation Centre for Rural Enterprise exists “to foster rural enterprise and aim to unlock the potential in the UK’s rural economies” – and as such has just put a report together looking at investing in rural innovation: unlocking potential for sustainable growth. Here are just a couple of their proposals, following a rather important general point:
A £7.3bn National Wealth Fund is at the heart of the new government’s plan to revive economic growth. Given the importance of rural innovation, it should be evident that support for investing in rural areas can drive significant positive outcomes for economic growth, sustainability, and community resilience.
- Providing grants, subsidies, and tax incentives can lower the financial barriers for start-ups and established firms.
- Improving infrastructure, such as high-speed internet and transportation networks, can facilitate more efficient operations and collaboration.
- One of GB Energy’s initial priorities is to partner with energy companies, local authorities and cooperatives to develop 8GWs small-scale and medium-scale community energy projects. If profit flows directly back into local communities as promised, it will cut bills.
- SMEs are the primary drivers of employment growth in these regions. If SMEs can develop and identify niche areas of absolute and comparative advantages, they can prosper and become competitive on a global scale.
Do East Devon and Sidmouth local authorities have an eye to developing such strategies?
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