Rebalancing the UK: Regional Investment Post-COVID | IPT
Chair: Jo Gideon MP, PPS to Kwasi Kwarteng as Secretary of State for Business, Energy and Industrial Strategy
Speaker: Henri Murrison, Director of the Northern Powerhouse Partnership
Speaker: Tom Joyner, Managing Director, CrossCountry
Speaker: Dr Matt Beech, Reader in Politics, University of Hull
Virtual Event

Date:

Monday 21 June 2021

Venue:

This is an online event

Start Time:

16:30

End Time:

17:30

London and the south east have accounted for 30% of net increase in jobs since 2010 but are home to a quarter of the UK’s population. At its most extreme points, London’s output is 2.5 times that of the North East of England. Output per head of the south east during the first lockdown was similar to that of Wales in normal times. Two-thirds of Britain’s venture capital for SMEs goes to London and the south east whilst the average household wealth fell by 12% in the North East and East Midlands between 2006 and 2018. If the UK’s underperforming cities closed their output gap, the economy would be £69.9bn larger, with the eight largest cities after London accounting for 70% of the output gap. At the Budget, the Chancellor announced tax breaks for firms designed to ‘unlock’ £20bn worth of new business investment; firms’ ability to deduct investment costs from tax bills; the first eight sites for freeports across England; and Leeds as the location of the new UK Infrastructure Bank. How can business and government work together to ensure that the recovery from COVID builds investment across the country and rebalances the UK economy? 

  

This event will: 

·       Consider what is required to attract business investment into different parts of the UK, including infrastructure spending 

·       Explore how to reduce the productivity gap, including the use and location of research and development funding 

·       Examine the role of clustering and academic-industry partnerships to promote idea sharing and specialist facilities.