The consequences of welfare reforms, structural changes to both the public sector and industry, the growth in zero hours contracts and cuts to core public services are leaving an increasing number of people worse off and deeply worried about their and their children’s present and future.
Without careful consideration, the reliance upon commercial real estate could lead to a period of overbuilding where development, financial markets and local authority officers operate in overdrive to build new income-generating structures in order to repay loans and capture value.
Rather than ameliorating spatial inequality, the business rate retention strategy potentially exacerbates uneven development. Consequently, our findings suggest that the centralised national economy could be replaced by an equally divisive city based one, where a minority of locations are dealt all of the aces while the rest get a raw deal.
However much we may wish the government to adopt a different and progressive public expenditure and investment-led macro-economic strategy, realistically, this is simply not going to happen as long as the current government holds to its current position and remains in office.