The Prime Minister recently announced plans to rebalance the UK economy, and support growth from manufacturing, industry and the regions. Annabelle Williams explores prospects for rebalancing the economy and the forces hampering change.
Last month, David Cameron pledged to end the UK’s economic reliance on London, as he announced a £12bn package of measures aimed at stimulating regional economies. “For too long, our economy has been too London-focused and too centralised,” Cameron said. He added he hoped to “rebalance” the level of economic output from around the country. The move comes alongside a number of signs the UK economic recovery is well under way. In May, the Bank of England upgraded its growth forecast for 2015 to 2.9% from 2.7%. At the time, the Bank said the economy had “started to head back towards norm...
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