The report, What's Past is Prologue – Unlocking the Value of Heritage for Local Economies, argues heritage has a far greater role to play in economic development than is often recognised.
It calls for a major shift in government policy so that historic environments are treated as drivers of investment, employment, tourism and community wellbeing.
Using the Shakespeare Birthplace Trust and Stratford-upon-Avon as its principal case study, the report highlights the significant contribution the heritage sector already makes to the UK economy. Heritage generates an estimated £15.3 billion in Gross Value Added (GVA) each year, outperforming the domestic sports sector, while also contributing around £29 billion annually in wellbeing benefits for local communities.
However, Localis warns a range of structural challenges is preventing heritage from reaching its full potential. These include a shortage of specialist conservation officers within local authorities, declining traditional building and restoration skills, and a complicated funding system that can make heritage projects difficult to deliver.
The report follows recent findings from the Culture, Heritage and Sport Select Committee, which suggested that refurbishing vacant and under-used historic buildings could provide around 670,000 homes, almost half of the Government's 1.5 million homebuilding target.
To help unlock the sector's full value, Localis recommends introducing heritage-specific guidance within HM Treasury's Green Book so that cultural assets are properly valued in public investment decisions. It also calls for heritage strategies to be embedded within regional growth plans, procurement reforms that strengthen local retrofit businesses, and greater opportunities for communities to take ownership of heritage assets.
Callin McLinden, Head of Research at Localis, said the report was designed to recognise the complexity of heritage policy while producing practical recommendations that support heritage-led economic growth.
Rachael North, Chief Executive of the Shakespeare Birthplace Trust, welcomed the report, saying heritage should be recognised as enabling infrastructure capable of driving economic growth while strengthening wellbeing, civic pride and social prosperity.
Tony Perks, Deputy Chief Executive of Stratford-on-Avon District Council, added that Stratford's internationally recognised heritage demonstrates how well-managed historic assets can attract visitors, create employment, improve wellbeing and foster a strong sense of pride in place.
The report makes the case that investing in heritage is not simply about preserving the past, it's about creating stronger local economies and more prosperous communities for the future.
Please download the entire report here https://www.localis.org.uk/wp-content/uploads/2026/07/Localis-Whats-Past-is-Prologue-A5-Report-July2026-PRF01a.pdf
