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Comment on LGA calling for devolution of powers - Bibby Financial Services PDF Print E-mail
Thursday, 16 November 2017
Edward Winterton, UK CEO at Bibby Financial Services, said:   “Investment and decision-making power in the UK is far too London-centric and, as a result, the economic potential of local economies are under-realised. Devolving more power to councils will put local decisions in the hands of those who best understand the needs and requirements of the area. This will ensure that funding is utilised more wisely and in turn strengthen the economic output of all regions.

“The Government had the right idea when it introduced the Northern Powerhouse and Midlands Engine initiatives, but it is clear that neither initiative has had the desired effect. Our SME Confidence Tracker shows that more than half of SMEs (53%) in the Midlands have never even heard of the Midlands Engine, while 37% of those in the North have never heard of the Northern Powerhouse. The UK needs to be firing at all cylinders to successfully navigate Brexit, but the lack of balance in the economy is holding the country back.

“As an employer with local offices throughout the Midlands and North of England, we believe the devolution of powers will broaden the contribution of these regions to economic growth by boosting productivity and stimulating local supply chains.”
 

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