Government needs to use levelling up as a vehicle to deliver economic growth - The Yorkshire Post says

A lot of the policies unveiled in the Chancellor’s Budget are to be lauded. It certainly sets out to boost employment and the more assured approach of this Government is welcome following the disastrous short tenure of the Liz Truss administration.
By YP Comment
Published 16th Mar 2023, 15:58 BST
Updated 16th Mar 2023, 15:59 BST

However, the underlying issue of growth remains a headache for the economy. The UK is investing too little and growing too slowly while living standards stagnate. The previous government’s approach showed the disastrous consequences of a dash for growth without sensible policies. Having said that, the need for growing the economy is more important now than ever.

As Torsten Bell, chief executive of the think tank Resolution Foundation, said in the face of stagnant living standards people are being asked to pay higher taxes while public services are being cut.

Hide Ad
Hide Ad

The Resolution Foundation says that even if the slow growth of the past decade had continued, incomes would still be £1,800 higher than currently projected for 2027-28.

Chancellor of the Exchequer Jeremy Hunt leaves 11 Downing Street, London, with his ministerial box before delivering his Budget at the Houses of Parliament. PIC: Victoria Jones/PA WireChancellor of the Exchequer Jeremy Hunt leaves 11 Downing Street, London, with his ministerial box before delivering his Budget at the Houses of Parliament. PIC: Victoria Jones/PA Wire
Chancellor of the Exchequer Jeremy Hunt leaves 11 Downing Street, London, with his ministerial box before delivering his Budget at the Houses of Parliament. PIC: Victoria Jones/PA Wire

That is why tackling regional inequality is so important. There are communities in Yorkshire that simply cannot afford to fall further behind.

They need to be afforded opportunities that enable them to improve their lives. There has been plenty of research highlighting the consequences of regional inequality.

The Government has a real opportunity to use levelling up as a vehicle for delivering growth.

Hide Ad
Hide Ad

New powers to grow Yorkshire’s economy and improve its towns are welcome, with the region set to receive £250m in funding. As is the plan to cut the competitive bidding process. The absurdity of the process was clear when it emerged that Bradford Council had spent £610,000 on unsuccessful levelling-up bids, money that it, and many other councils in our region, could ill afford to lose.

Related topics:Yorkshire PostGovernmentBudgetYorkshireBradford CouncilLiz Truss