Decentralising Britain: The 'big push' towards inclusive prosperity
Article
The UK economy has had a split personality since the Great Recession, combining a record-strong labour market with historically low productivity growth. A solution to this ‘productivity puzzle’ has so far eluded policymakers, but it is indispensable for the country’s future prosperity. In this report, we advance a bold set of policies to end the stagnation, while simultaneously redesigning the UK’s economic model towards more inclusive and greener growth.
Decades of productivity divergence among British firms and an increasing concentration of highly productive businesses and industries in south east regions of England1 have transformed the UK into the most regionally unequal country in Europe. The same period witnessed a decline in innovation and infrastructure spending, a concentration of knowledge in fewer firms, weakening local government, uncontrolled growth and consolidation of the financial sector, and a detached shareholding class monopolising corporate governance.
Our proposed remedy is simple: to decentralise the UK economy.
Related items
Harry Quilter-Pinner reacts to the Budget on GB News
Interim executive director Harry Quilter-Pinner reacts to the Budget with Jacob Rees Mogg on GB NewsZoë Billingham reacts to the Budget 2024 on Sky News
Zoë Billingham reacts to the Budget 2024 on Sky News live from Grimsby.Second round effects: Why the OBR is likely underestimating the growth effects of public investment
The Office for Budgetary Responsibility has outlined a new approach to modelling the growth impacts of public investment.