Commenting on the Chancellor’s announcement on levelling up, infrastructure and the Green Book, Chris Hearld, KPMG’s Head of Regions, said:
“Nothing short of a transformation programme is needed to rebalance the country’s economic geography and this is the yardstick against which policies and investment must be measured.
“A levelling up fund, particularly one that takes a broad place based approach, is to be welcomed, though businesses in parts of the country will be wondering how this relates to the devolution agenda and leadership on the ground, in combined authorities for example, to ensure successful bids contribute to real regional economic transformation.
“More fundamentally, combining the two critical agendas of a low carbon focused infrastructure-led economic recovery from COVID-19 with levelling up certainly has the potential to be a win-win plan. The North is at the forefront of the country’s energy production and decarbonisation innovation so to base the National Infrastructure Bank there is sensible.
“It lacked a shout out but revising the Green Book is actually one of the most exciting proposals as it suggests an understanding of the structural nature of the change needed to really drive transformation in underperforming parts of our economy, for the benefit of all.
“Addressing the chronic issue of regional economic inequality means engaging in a complicated jigsaw of interconnected investment decisions with place at its heart. Flagship but isolated ventures won’t deliver, despite their undoubted value.”
For further media information please contact:
Alison Anderson, media relations, KPMG
T: +44 (0)113 254 2980 / +44 (0) 7733 453 065
KPMG Press Office: 020 7694 8773
KPMG LLP, a UK limited liability partnership, operates from 21 offices across the UK with approximately 17,600 partners and staff. The UK firm recorded a revenue of £2.40 billion in the year ended 30 September 2019.
KPMG is a global organisation of independent professional services firms providing Audit, Tax and Advisory services. It operates in 147 countries and territories and has more than 219,000 people working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.