This is what he said. ?Because my vision has always been of a truly balanced economy, one built to last ? one which is seen not just on the screens of the traders in the City of London but in the great manufacturing plants of the West Midlands and North East, in tech startups from Dundee to Manchester, in the tourist and defence industries of the South West and Wales, the life science labs of the East of England??
The whole point of the speech was to highlight its new regional manifestos laying out plans to support employers and create regional jobs. It sounded like national characteristic day. What was next ? “the grumpy people of Scotland, the rain-drenched Mancunians,, the sharp-witted Scousers, the brash Londoners”, etc. But the prime minister?s words raise an interesting idea. Is it possible to split the country up into easily recognised business centres or clusters powering certain sections of the economy? Maybe huge regional enterprise zones? It may be an easier and simpler way of gaining government and outside investment for the regions if you know that a certain area is, say, the main provider of technical excellence or tourism or retail excellence in the country. Peers can learn from peers, knowledge and experience can be more easily shared and people seeking employment in these industries would know exactly which region to head for. Read more about regional hubs:
This could be a great solution for those tourist firms in the South West and the tech startups of Dundee, but what of the retailers or manufacturers of the South West or the hospitality firms of Dundee? Where do they stand and how should they react when they hear Cameron?s words? Are they and would they be in danger of being forgotten or marginalised? Not necessarily. They could expect to receive some sort of trickle-down benefits from the booming and well supported businesses of their region. Tech boffins and life scientists for example need somewhere to buy their lunchtime sausage rolls and work clothes. They could help support the wider economy of their region. It would also raise the prospect of businesses feeling the need to relocate their operations to get closer to those regions where their particular sector dominates. Yes there could be issues here surrounding being too close to your competition, but surely there would be more advantage in locating near to your peers and sharing in the wider and perhaps deeper investment your sector will receive. In the same way that Norman Tebbit?s famous “on yer bike” message to unemployed workers still resonates 30 years on, businesses should also consider upping sticks in search of brighter pastures. The relocation of businesses in this country is set to become a bigger theme in the years ahead. This week it was revealed that London firms were considering abandoning the capital because of rising property prices. Powering regional economies, and in particular powering regional clusters of sector expertise, could tempt more to follow. Relocating brings extra costs and stresses to a business. Can your balance sheet take the strain, are your employees happy with the move, will they come with you? But it is something growing business will have to increasingly consider in the years ahead. Image: Shutterstock
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.