REGIONAL DEVELOPMENT So what can be done? The government’s
2017 Industrial Strategy white paper admirably explored “place-based” growth, but the strategy’s monitoring council needs to be given statutory powers to cement a long-term agenda that will last beyond the political cycle. Weaknesses in national-local policy-making must also be addressed by rebuilding co-ordination at the regional level. An independent task force could help to identify and support regions where jobs may be vulnerable, for instance, making provisions for retraining. The importance of such pre-emptive action was underlined recently by announcements from Ford and Honda of plans to close their plants in Bridgend and Swindon respectively. Co-ordination could be further improved by developing a schedule of “regional cabinet” meetings between key government ministers and regional authorities. This would help central government to understand the lay of the land beyond Westminster.
Developing a long-term devolution plan is important too, because it will ensure that more parts of the country gain the autonomy to manage and fund their own industrial strategies. This can help to
Net balance, by region, of 1,035 IoD members surveyed by Policy Voice in February who were confident in their ability to compete for trade, talent and investment
COMPETITION FROM: Other regions Rest of the world
-60% -40% -20%
nurture the development of regional specialisms that create skilled jobs and attract complementary industries and investment. Support for these local specialisations can bolster innovation across the country and, alongside targeted schemes to promote R&D in promising growth sectors, improve productivity.
HIGHER AMBITIONS
Our world-class universities can also play a greater role in boosting regional growth. This is one sector where the UK boasts leading organisations in virtually every corner of the country, where they are a vital source of employment, productivity and innovation. Giving them extra support to widen their networks – even internationally – and supporting their collaborations with local businesses and policy-makers could enable the country to make better use of their expertise. Indeed, when it comes to R&D, the UK is notorious for doing more of the R and less of the D. But very little can be achieved at a local level without suffi cient funding, of course. A starting point must be to consult on the design of the proposed shared prosperity fund, which is being created to replace
REGIONAL CONFIDENCE IN ABILITY TO COMPETE FOR TRADE, TALENT AND INVESTMENT LONDON
SOUTH OF ENGLAND EAST OF ENGLAND MIDLANDS
NORTHERN IRELAND NORTH OF ENGLAND
SOUTH-WEST ENGLAND WALES
SCOTLAND 0% 20% 40% 60%
order to respond effectively to global economic and technological change, deliver policies bespoke to local needs and build on regional specialisms. Talent, enterprise and investment have in turn fl owed elsewhere, turning these hollowed parts of the country into the UK’s “left-behind” communities. Adding to this long-standing challenge is the potential loss of European structural and investment funds as the UK leaves the EU, which could leave a sizable gap in regional funding. Meanwhile, public fi nances will increasingly be consumed by growing healthcare and pension bills, raising the question of how we fi nd the money to start addressing the problem.
Reassembly line: when Honda confirmed in February that it would shut down its car factory at Swindon in 2021, the Department for Business, Energy & Industrial Strategy assembled a task force featuring local MPs, civic leaders and other interested parties from the area. One of its main objectives is to protect Swindon’s economy by matching the skills of the plant’s 3,500 workers to local opportunities
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