Regions get more devolved powers in Budget
DEVOLVING powers to the regions will help the UK’s major cities take control of their own economic destinies, Chancellor George Osborne said in today’s Budget.
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Announcing full acceptance of Lord Heseltine’s No Stone Unturned economic review, Mr Osborne said a single growth funding pot would help deliver economic prosperity to the areas of the UK in most need.
He said that in addition to boosting infrastructure projects; “the second thing we can do to support enterprise is to give our great regional cities and other local areas much greater control over their economic destiny – and back sectors that are global successes.
“Private sector employment has been growing more quickly in the North East, North West and Yorkshire than across the country as a whole.”
However, he said the Government could do more.
“So I accept Michael Heseltine’s excellent idea of a single competitive pot of funding for local enterprise.
“I also fully endorse the report of Doug Richard to make the most our apprenticeships,” he pledged.
He also promised support to growth industries such as aerospace, automotive and agritech.
“For the first time in 40 years we manufacture for export more cars than we import,” he said.
