This paper sets out the government's response to Lord Heseltine's Review into economic growth, 'No Stone Unturned'.
Following a commission from the Prime Minister, Lord Heseltine presented his report No Stone Unturned to the Chancellor of the Exchequer and Secretary of State for Business, Innovation and Skills on 31 October 2012. Lord Heseltine makes a series of recommendations in all aspects of government policy that affect economic growth. The government welcomes this report. The government is accepting in full or in part 81 of Lord Heseltine’s 89 recommendations to dramatically advance the process of decentralisation, unleash the potential of local economies, strengthen partnerships with industry and foster economic growth.
This response builds on the significant action the government has already taken to reduce the deficit, restore economic stability and create the conditions for long-term growth. It complements the government’s ambitious supply side growth agenda set out in the Plan for Growth; the government’s industrial strategy to strengthen partnerships with business; and the series of reforms that the government has pursued in recent Budgets and Autumn Statements.
Together with the measures set out in this response, the government has a comprehensive economic plan to create a stronger, more balanced economy.
The core proposition of Lord Heseltine’s report is a decentralised approach that breaks Whitehall’s monopoly on resources and decision making, and empowers Local Enterprise Partnerships (LEPs) to drive forward growth in their local areas. Alongside this, Lord Heseltine makes a number of recommendations that strengthen the underpinnings of long-term growth, from changes to the way in which Whitehall supports growth, to strengthening partnerships between government and business, and business and education.