Published: 11th May 2012

Deficit reduction depended upon increased income from expected growth. However, instead of 2.6% growth we now have a double-dip recession with growth below 0%. The pressure to develop an adequate economic growth strategy has resulted in a number of piecemeal measures that have not been meaningfully backed up, so far, by the legislative programme outlined for the next session of parliament. The recent National Audit Office report on the inadequacy and extravagant expense of the government’s flagship Regional Growth Fund (which was supposed to generate half a million jobs) once again highlights the lack of an adequate growth plan, especially for northern cities, that was explicit in the coalition government’s 2010 and 2011 budgetary models. We keep hearing the question of what’s Plan B. We shouldn’t forget, that half of Plan A, two years on, is still missing. The main economic bill of the next parliamentary session, the enterprise and … (To read the full article, subscribe below)