Role of the Institute of Economic Development

The Role of the Institute of Economic Development

The Institute of Economic Development (IED) is crucial in fostering sustainable economic growth, development, and regeneration across communities and regions. As the leading independent professional body representing economic development and regeneration practitioners in the UK, the IED's mission is to advance the standards and practice of economic development through professional development, policy advocacy, and collaborative initiatives. In this blog, Dr Richard Dune will explore the role of the IED, its essential functions, and the best practices for implementing relevant legislation and regulations.

Key facts and statistics

Economic development initiatives significantly impact communities. According to the Office for National Statistics (ONS), in 2022, the UK economy saw an estimated growth of 3.5%. However, regional disparities remain, with some areas experiencing slower growth rates and higher unemployment. The IED's efforts are instrumental in addressing these disparities through targeted economic development strategies.

The UK government has allocated £4.8 billion to the Levelling Up Fund to support local infrastructure projects and boost regional economies.
Small and medium-sized enterprises (SMEs) contribute approximately 52% of private sector turnover and 60% of employment in the UK.

Key definitions

To understand the role of the IED, it is essential to define key terms associated with economic development:

Economic development - Refers to the process by which a region improves its people's economic, political, and social well-being. It involves job creation, business growth, and community development initiatives.
Regeneration - Focuses on revitalising areas that have experienced economic decline through investment in infrastructure, housing, and community facilities, as well as supporting local businesses and workforce development.
Sustainable Development - Aims to meet the needs of the present without compromising the ability of future generations to meet their own needs. It balances economic growth, environmental protection, and social equity.

Recommended best practices for implementation

Policy advocacy and development

The IED advocates for policies that support economic growth and regeneration. This involves engaging with government agencies, local authorities, and other stakeholders to influence economic development strategies and funding allocations. Best practices include:

Evidence-based policymaking - Using data and research to inform policy decisions.
Stakeholder engagement - Involving many stakeholders, including local communities, businesses, and non-profits, in the policy development process.

Professional development and training

The IED offers various professional development opportunities, including training courses, workshops, and conferences. These initiatives are designed to enhance the skills and knowledge of economic development practitioners. Best practices include:

Continuous learning - Encouraging professionals to engage in ongoing education and skills development.
Certification and accreditation - Promoting recognised qualifications and standards within the field.

Collaborative initiatives

Collaboration is key to successful economic development. The IED facilitates partnerships between public, private, and third-sector organisations to leverage resources and expertise. Best practices include:

Public-Private Partnerships (PPPs) - Combining the strengths of both sectors to achieve common goals.
Community involvement - Ensuring local communities are actively involved in planning and decision-making processes.

Recommendations

For organisations and professionals involved in economic development, it is essential to adopt best practices and leverage the resources provided by the IED. Key recommendations include:

Engage with the IED - Join the Institute to access valuable resources, networking opportunities, and professional development programmes.
Implement best practices - Follow the IED’s guidelines and recommendations to ensure effective and sustainable economic development initiatives.
Utilise compliance tools - Use tools like ComplyPlus™ to manage legislative and regulatory compliance, streamline processes, and ensure adherence to relevant laws and standards.

Conclusion

The Institute of Economic Development plays a pivotal role in shaping the economic landscape of the UK. The IED ensures that economic development practices are robust, sustainable, and inclusive by advocating for effective policies, providing professional development opportunities, and fostering collaborative initiatives. Organisations and professionals in the field are encouraged to engage with the IED, implement best practices, and utilise compliance tools like ComplyPlus™ to achieve their economic development goals.

To learn more about how you can enhance your economic development initiatives and ensure compliance with relevant legislation and regulations, explore the comprehensive resources and training offered by The Mandatory Training Group. Click here to discover how our solutions can help your organisation achieve its economic development objectives.

About the author

Dr Richard Dune

With over 20 years of experience, Richard blends a rich background in NHS, the private sector, academia, and research settings. His forte lies in clinical R&D, advancing healthcare tech, workforce development and governance. His leadership ensures regulatory compliance and innovation align seamlessly.