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Economic Development

CBI says 'turbo-charged devolution will ignite South West鈥檚 economy'

The CBI has outlined three steps needed to kickstart devolution and maximise the potential of all English regions

(Image: Pexels)

The Confederation of British Industry (CBI) is calling on the Government to publish a framework to devolve powers and reignite the regions.

The business lobby group this will help address the productivity puzzle and will help close the gap on regional inequalities, with the CBI believing it will ‘ignite a new era of economic prosperity’.

The CBI has outlined three key steps are needed to kickstart English devolution:

  • Step One: Develop and publish a clear framework for devolution so that local leaders understand what powers government are willing to consider devolving  
  • Step Two: Optimise Westminster and Whitehall for devolution including buy-in and support from Treasury who hold the purse strings 
  • Step Three: Deliver new deals to cover 60% of the English population and streamline local government by championing unitary authorities

 

Businesses in areas with devolution deals have cited a range of positives. They include the raised international profile that having a Metro Mayor brings, clarity over the strategic direction, increased collaboration with neighbours across the region and the country, as well as a greater focus on inclusive growth.

Commenting on the reports launch, CBI Regional Director for the South West, Deborah Fraser said: 

“Now is time to work with business to set out plans to devolve powers and unlock regional growth. Within five years, 60% of the population should be covered by a devolution deal.  This change will turbo charge our economy and will ignite a new era of economic prosperity in the South West.

“Business is keen to unlock growth but wants to avoid future deals being influenced by politics. A clear framework where deals are assessed by an impartial independent board is sorely needed.