The Treasury would put far more energy and funding into boosting the Northern economy under a Labour government, Shadow Chancellor Rachel Reeves has vowed, pledging to help towns such as Bury regain their hope.
Speaking to the M.E.N. ahead of a speech at Bury Met this morning, she said investment under a Labour administration would no longer be skewed away from areas because their economies were not yet thriving like London's.
She argued many people here currently feel more pride in their past than they have confidence in the future - but promised to restore that faith after a ‘lost decade’ of economic stagnation, adding: "“People want to see more stuff built and made in Britain." Asked what the North would see from her Treasury if Labour were to win power, she said the ‘Green Book says no’ approach - a reference to government spending formulae that have historically tended to benefit places that are already doing well - would be replaced by a new philosophy. “That philosophy of people working together - business, public and private sector - to make that step change,” she said. “You need public sector investment to catalyse private sector investment, whether that’s in the climate, or in research and development, everything. “This government has a very different philosophy, which is that you get out of the way and the market does it all itself. “If it was as simple as that, levelling up would have happened years ago.” Pointing to research and development funding, she said London and the South East currently account for more than half of all government spending. “London and the South East gets 53% of R&D funding.
Read more on manchestereveningnews.co.uk
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