During the 1980s local economic policy became an issue of major political concern. The polarisation of the New Right market‐led strategies advanced by the Thatcher governments and the New Left-inspired counter-response, typified by the last years of the GLC, reflected the tenor of national political and economic debates at the time. Arguably, in the 10 years since the abolition of the GLC, local economic development has been devoid (some might say spared) of any “big idea” arising from wider political debates. Recently, however, there have been signs that a new political direction may be emerging at the national level with significant implications for local economic policy. That direction is the notion of stakeholding.