Rebalancing Regional Economies
Debate between Andy MacNae and Luke Myer(3 days, 8 hours ago)
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Andy MacNae
I entirely agree with my hon. Friend. Indeed, the requirement for bespoke interventions is the thrust of the latter parts of my speech.
Whether places such as Bacup feel the benefit of Government interventions is a test for whether we are delivering growth for all. The last Government failed spectacularly in this challenge and, if we are to avoid the same fate, we must do things differently.
Luke Myer (Middlesbrough South and East Cleveland) (Lab)
It is now nearly 13 years since the Institute for Public Policy Research North published its landmark report, “Northern Prosperity is National Prosperity”, which set out in black and white the evidence that investing in the regions—all regions across the UK—is one of the best ways to achieve growth nationally. Does my hon. Friend agree that it is long past time that we devolved power and funding in order to create jobs in all our communities across the UK?
Andy MacNae
I thank my hon. Friend for that intervention—I remember that brilliant report very well, and that process of devolution is a crucial element of getting this right.
What are the underlying issues and what can we do about them? It is perfectly understandable that, in looking for growth, we go first to places where it can be achieved most easily at scale and at the lowest cost. That is an instinct backed-up by long-established practices. We see it manifest in announcements around the Oxford-Cambridge corridor, the lower Thames crossing, Heathrow and Old Trafford.