CONNE C TED E CONOMIES
DRIVING GROWTH ACROSS THE UK
Given that it has one of the most lopsided economies in Europe, Britain urgently needs to recalibrate to enable all
regions of the country to compete eff ectively in international markets. So says the IoD’s chief economist, Tej Parikh, who explains that this requires longer-range planning, further decentralisation and much- needed infrastructure upgrades
Uplifting symbol: at the time of writing, the administrator for Harland and Wolff has announced that it’s received ‘credible offers’ for Belfast’s famous shipyard, where 120 jobs are at risk
B
uilding a “Global Britain” after Brexit will require much more than new trade deals. If the UK is to thrive after it leaves the EU, every part of the country needs to be
equipped to compete on the world stage. Right now, this is a privilege that few of its regions – predominantly London and south-east England – enjoy.
Indeed, the British economy is one of the most imbalanced in Europe. Although some of the continent’s richest areas lie in and around London, the UK’s rural, coastal and post-industrial hinterlands are among the poorest. Levelling up and giving businesses from the West Country
44
director.co.uk
to the Scottish Highlands greater support would pay dividends. It would increase the productive capacity of the whole country and aid diversifi cation, enabling the UK to take advantage of international opportunities and cushion itself more effectively against global shocks. Successive governments have approached this regional growth agenda with varying degrees of enthusiasm, but many seasoned observers would summarise their progress as a decades- long exercise of one step forward, two steps back. We need a fresh approach with long-termism at its heart. As things stand, an alphabet soup of central government departments are
responsible for skills, transport and business support in towns and cities, while the hodgepodge process of devolution over the years has given different powers, responsibilities and budgets to local authorities of varying stature. Despite this, the British economy remains among the most centralised in the developed world in terms of the meagre public funds under the control of its subnational governments.
SUPPORT AND AUTONOMY While London has strengthened its status as a cosmopolitan fi nancial centre in recent times, many other parts of the country have lacked the consistent support and autonomy they require in
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68
