New Report Highlights Importance of Heritage Assets for Local Economic Growth
Wednesday 29 July, 2026 – A new report from the independent think-tank Localis has recommended that heritage assets be reclassified as essential civic and economic infrastructure in order to unlock sustainable economic growth in local communities.
Titled “What’s past is prologue – unlocking the value of heritage for local economies,” the report calls for a major shift in how historic environments are viewed as dynamic drivers of future local growth and regional wealth retention.
The report focuses on the national implications of the heritage sector, which generates an annual gross value added (GVA) of £15.3 billion and boosts the wellbeing of residents by a staggering £29 billion a year. This surpasses the domestic sports sector in terms of economic impact.
However, the report also highlights critical barriers that threaten to undermine the potential of heritage to create full economic and social value. These include the loss of specialist conservation officers in local government, a lack of traditional building and conservation skills, and a complex and fragmented funding landscape.
The report arrives in the wake of a recent Culture, Heritage and Sport Select Committee report, which estimated that 670,000 of the government’s 1.5 million home building target could be met by giving new life to historic buildings that are currently vacant or under-used. The committee also called for a change in the government’s approach to the historic environment.
To overcome these barriers and fully capitalize on heritage-driven growth, the Localis report outlines actionable policy recommendations, including:
– Additional Green Book guidance: The publication of heritage-specific HM Treasury Green Book guidance to properly value community culture and historical assets during procurement.
– Mandatory integration: Embedding heritage strategies directly into regional and mayoral Local Growth Plans to ensure preservation and economic development go hand-in-hand.
– Local SME empowerment: Reforming local procurement models to protect regional retrofit supply chains, prioritizing adaptive reuse of existing historic structures over carbon-heavy demolition where appropriate.
– Grassroots ownership: Giving communities direct levers for genuine grassroots stewardship to restore local identity and civic pride.
Localis head of research, Callin McLinden, said, “This report is grounded in a broad research process, drawing on interviews, an excellent roundtable and extensive source material from across local government, heritage, culture, academia, funding and place-based practice. Our aim was to respect the complexity of heritage as a policy issue while providing practical recommendations for all tiers of governance towards holistic, heritage-led growth.”
Localis senior researcher, Sandy Forsyth, added, “‘What’s past is prologue’ provides insight into the integral place that heritage inhabits within local communities by not only exploring its significant quantifiable value, but also by acknowledging its protean nature as a driver of local economic growth and social prosperity.”
Rachael North, chief executive of the Shakespeare Birthplace Trust, said, “‘What’s past is prologue’ invites us to imagine a future in which heritage is valued as more than just the preservation of buildings and the curation of stories. This thoughtful exploration encourages us to see heritage as both a strategic asset and a form of enabling infrastructure: one that can drive economic growth while also strengthening wellbeing, social prosperity, and a shared pride in place.”
Tony Perks, deputy chief executive of Stratford on Avon District Council, said, “Stratford-upon-Avon is blessed with a rich heritage. As the birthplace of William Shakespeare, the town has an international reputation and attracts significant visitor numbers every year. A well-presented, coherent heritage offer has enormous potential to achieve good things, such as enhancing health and wellbeing, providing fulfillment and employment, and creating a sense of ‘pride in place.'”
The report can be downloaded from the Localis website and includes actionable policy recommendations for central government, regional government and strategic authorities, and local councils to fully harness the economic potential of heritage assets.
For press enquiries, please contact Jonathan Werran, chief executive of Localis, at jonathan.werran@localis.org.uk or via phone at 0870 448 1530 or 07967 100328.
About Localis:
Localis is an independent think-tank dedicated to issues related to politics, public service reform, and localism. They conduct innovative research, hold events, and facilitate a growing network of members to stimulate and challenge the current orthodoxy of the governance of the UK. For more information, please visit www.localis.org.uk.
About Shakespeare Birthplace Trust:
The Shakespeare Birthplace Trust is a charity established by an Act of Parliament and cares for a remarkable range of places, objects, and archives in Stratford-upon-Avon. These include the five Shakespeare family homes and over one million items in their world-class collections. The trust’s mission is to celebrate Shakespeare and his legacy for the world. They generate income through the support of visitors, donors, and volunteers. For more information, please visit www.shakespeare.org.uk.
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