Published: 28th Mar 2011

In his preface to the local growth white paper last October, Nick Clegg gave ‘rebalancing’ pride of place in the coalition’s approach to economic development policy when he noted that ‘Governments of the past have contented themselves with growth concentrated heavily in some areas of the country… and within a limited number of sectors – notably, financial services. Yet the banking crisis and ensuing recession have proved that model is unsustainable. Crucially, it is also deeply unfair’. George Osborne introduced Scene II of the coalition’s rebalancing act in his Budget announcement on Wednesday when he insisted ‘[y]es, we want the City of London to remain the world’s leading centre for financial services, but we should resolve that the rest of the country becomes a world leader in advanced manufacturing, life sciences, creative industries, business services, green energy and so much more’. During the course of his speech, the chancellor announced … (To read the full article, subscribe below)