The IMF expects the UK to eke out slower growth this year than previously thought and remain the second-worst performer in the G7 group of advanced economies.
These forecasts paint a worrying picture and show the desperate need for growth. It is why the Shadow Chancellor Rachel Reeves is trying to make economic growth the central tenet of Labour’s pitch to voters. Even the Tory Party knows that Britain has been hampered by anaemic growth. It’s mainly a question of how Britain goes about achieving said growth.
The report by Centre for Cities highlights how the Government’s current approach to levelling up is stifling the very regions the agenda is meant to help. The approach to providing local areas with much needed funding is fundamentally flawed. It is far too fragmented with a propensity to favour so-called shovel-ready projects. Projects that aren’t always best for long term growth. This also makes it difficult for local authorities to create joined-up strategies for the benefit of their areas.
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