Ten Priorities for Spending Review and White Paper
Steve Fothergill, a Professor at CRESR, Sheffield Hallam University, outlines key priorities for the Spending Review and White Paper. This insightful analysis provides strategic recommendations for effective resource allocation and policy formulation in the upcoming review and paper.
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Presentation Transcript
LEVELLING UP Ten priorities for the Spending Review and White Paper Steve Fothergill Professor, CRESR, Sheffield Hallam University
Levelling Up the story so far Towns Fund Future High Streets Fund Town Deals ( Stronger Towns Fund ) Levelling Up Fund Community Renewal Fund Freeports No new money Insufficient focus on less prosperous places Flawed selection of priority areas Too much reliance on competitive bidding Short timescales
Plan for the North Prime movers: Houghton, Jarvis and Jones Endorsed by more than 40 Council Leaders across NE, NW and Yorkshire ..and by all bar one of the Elected Metro Mayors in the North Westminster launch in July Sent to the Prime Minister
Plan for the North: contents 1. The challenge 2. Shortcomings of the present initiatives 3. The national context that s needed 4. Strengthening the North s economy 5. Investment in the North s infrastructure 6. Support for local services
Plan for the North: recent activity Westminster Hall debate LGA fringe meeting at Labour conference MPs group Convention for the North Submissions to the Spending Review & White Paper North version Older industrial Britain version
Ten priorities. 1. No return to austerity Higher taxes and/or lower spending would cut growth in all parts of the country Post-financial crisis austerity was a mistake Growth increases revenue, reduces spending on out-of-work benefits and reduces the deficit Low interest rates mean debt is affordable
Ten priorities. 2. New funding for Levelling Up Existing initiatives are largely funded by the demise of the Local Growth Fund (2014-20), worth 1.5bn a year plus 300m to devolved administrations Levelling Up Fund (2020-24) is worth 1.2bn a year Towns Fund is spending c. 600m a year Community Renewal Fund is worth 220m over one year Forthcoming UK Shared Prosperity Fund, to be worth 1.5bn a year, only matches previous ERDF and ESF funding
Ten priorities. 3. A UK Shared Prosperity Fund that s fit for purpose Potentially the largest of the new batch of Levelling Up funds. due to start in April 2022 Needs-based allocation formula Multiannual financial allocations Sub-regional targeting and decision-making Honour promise to match EU funding in all four nations Places that would have received substantial extra EU funding (e.g. S Yorks) should not be disadvantaged
Ten priorities. 4. A budget line for business support EU State Aid rules are being replaced by UK Subsidy Control Details remain to be determined An Assisted Area map is essential Additional coverage, higher aid intensities A government budget line for investment aid in England
Ten priorities. 5. A fairer distribution of R&D spending Oxford, Cambridge & London account for almost half of public R&D spending Government has committed to big increase public R&D spending A comprehensive and ambitious UK R&D Place Strategy has been promised .
Ten priorities. 6. Investment in infrastructure Large parts of the country are being short-changed (e.g. North of England) New levelling up funds will only finance modest schemes Bigger projects will need bigger money from government
Ten priorities. 7. Gap funding for land and property development New jobs, new businesses need somewhere to put them Low land values and property rents inhibit reclamation and development in less prosperous areas Private sector investors reluctant to engage in speculative development Not a problem in the prosperous South Gap funding is simple and effective
Ten priorities. 8. More funding for local authorities Just about all councils are facing a crisis in their finances or service delivery Increase in government grants, and funding formulas that better reflect need Access to a wider range of funding Restoration of long-lost discretion over Council Tax
Ten priorities. 9. Devolution to local leaders Over many decades, the independent powers of local authorities have been stripped away Devolution = greater sensitivity to local needs Devolution = platform for independent action and initiative Devolution = sharper democratic accountability
Ten priorities. 10. A long-term commitment The problems of less prosperous areas long pre-date the pandemic Levelling Up is a new name, but the policies to deliver it have a long history There has been real progress in many places Don t look for a single, simple solution And don t expect quick results
Ten priorities for the Spending Review and White Paper No return to austerity New funding for Levelling Up A UK Shared Prosperity Fund that s fit for purpose A budget line for business support A fairer distribution of R&D spending Investment in infrastructure Gap funding for land and property development More funding for local authorities Devolution to local leaders 10. A long-term commitment 1. 2. 3. 4. 5. 6. 7. 8. 9.
