Lord Heseltine has set out a comprehensive economic plan to improve the UK’s ability to create wealth. His independent report makes the case for a major rebalancing of responsibilities for economic development between central and local government, and between government and the private sector.
The report ‘No stone unturned in pursuit of growth’ makes 89 recommendations which aim to:
inject stability into the economy
create the conditions for growth, and
maximise the performance of the UK
At the heart of the proposals are measures to unleash the potential of local economies and leaders and enable every part of the UK economy to raise its game.
In addition Lord Heseltine has produced ‘No stone unturned: chamber of commerce - international comparisons’.
Lord Heseltine presented his report to the Chancellor of the Exchequer and the Business Secretary Vince Cable.
Initial response to the Heseltine review: ‘A new partnership for growth’
The government provided a first response Lord Heseltine’s review at ‘Autumn statement’ focusing on local economic growth with a fuller response to come in the spring.
The response sets a direction for the devolution of government spending to local areas and responds to other parts of Lord Heseltine’s recommendations. These include:
empowering Local Economic Partnerships (LEPs) and devolution of some central funding streams into a single pot from 2015 onwards
Regional Growth Fund; government will provide a further £350 million for the Regional Growth Fund, of which £100 million is being contributed from existing budgets
Combined Local Authorities; government will support local authorities who wish to create a combined authority or collaborations, including ensuring the existing legislation is fit for purpose
a package of regulatory changes to improve how regulations that affect businesses of all kinds are enforced; in addition, government will operate a one-in two-out rule on regulation from January 2013