Tax power: Chancellor Rachel Reeves should be commended for having faith in regional leaders
In her eagerly anticipated Mais Lecture at Bayes Business School, University of London, Chancellor of the Exchequer Rachel Reeves set out her tripartite plan for growth.
Pleasingly, given this newspaper remains certain that a single devolved county model - One Yorkshire - remains the most effective and powerful way of unleashing the varied potential of the White Rose County, one of her key pillars is regional growth.
Her other two pillars, both of which are likely to cause consternation amongst Brexiteers and with those worried about the rise of artificial intelligence, particularly vis-a-vis jobs and employment, are closer economic alignment with the European Union and investing in ensuring the United Kingdom is a global superpower where AI is concerned.
For too long, this newspaper has been an unheard, unheeded advocate for true fiscal devolution. Releasing the regions from the ironclad grip of Whitehall when it comes to economic independence, offering empowerment and freedom - with appropriate checks and balances, of course - is the only way to speed up change and drive growth.
Nobody is better placed to take decisions on the future prosperity of any given place than the very people who live and work there.
It was, then, vindicating to hear the Chancellor state that for too long, taxes raised here have been controlled by central Government. What incentive is there for local leaders to cough up incrementally more tax revenues each year when those self-same people feel powerless to leverage them?
Allowing local leaders to take and invest income tax makes a great deal of sense, transferring, too, a good deal of responsibility, accountability and expectation onto the very people whose children will benefit from decisions made in the here-and-now that lead to future prosperity and opportunity.