Published: 30th Apr 2014

The government has lauded the recent economic recovery and ‘rebalancing the economy’ has been one of the popular phrases of the coalition. But 80% of new private sector jobs are in London and many people in the north are not feeling the effects of the recent economic recovery. One of the reasons the pre-2008 model of economic growth failed is that the UK relied too heavily on public and private borrowing rather than on income generated through selling goods and services to the rest of the world. The UK economy needs to rebalance sectorally and spatially in order to be more resilient and avoid being over-reliant on London and its financial sector. The Core Cities Group has argued that major cities outside of London can drive economic growth and rebalance the economy. Ed Miliband announced on 8 April that Labour would devolve power and finance to city-regions to rebalance UK … (To read the full article, subscribe below)