Regional inequalities in productivity and living standards across the UK are stark and have been increasing over time. We argue that a broad-based investment strategy across different types of “capital” is required in order to help to lift places out of low productivity traps and create better and lasting outcomes for their communities and businesses.
This report presents an overview of results from the Investment in Productive Places study for Rochdale assessing the community capitals framework (with capitals including: physical, human, intangible, institutional, financial, social and natural). It compares indicator variables for the capitals in Rochdale, with the other Greater Manchester boroughs. The research finds that Rochdale has strengthened assets across social and financial capitals.
It contains a summary of how key stakeholders in Rochdale are thinking about the capitals investment strategies, from the qualitative analysis (base-line survey, stakeholder workshop and semi-structured interviews). Four leading themes were found linked to the capitals which can help to inform broad-based investment strategies, namely: 1) a unified purpose; 2) connect fractured networks; 3) combine future-oriented focus with “here and now”; and 4) adaptive mind-set and behaviour. Building on the key strengths of the Rochdale economy with a policy focus on the four themes will help to develop an enduring investment strategy to benefit all.
In targeting measures beyond GDP the social, human, intangible and institutional capitals need to be aligned to jointly create and share a narrative on the Atom Valley enterprise zone that has a common purpose. Skills policy should target more apprentices in the higher value added manufacturing sector.
In terms of better welfare outcomes for Rochdale’s citizens, the strength of the social capital networks could be deployed to encourage inclusive stakeholder engagement around Atom Valley. The returns from investments (e.g. new job opportunities) need to be shared more widely within the Rochdale community to strengthen the social fabric.
For higher well-being outcomes natural capital in Rochdale should be utilised to improve health inequalities. This could be a co-operative action between the public and third sectors working with local residents, again building on strong social networks linked in to institutions (NHS and Rochdale Borough Council).
Building on the key strengths of the Rochdale economy with a collective policy focus on all these areas should help develop an enduring investment strategy to benefit all.
