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Last autumn, Deloitte’s annual State of the State report found that leaders across the public sector saw the ‘levelling up’ agenda as vital to the UK’s future – but many felt that the rhetoric needed to be backed up by progress. To my mind, last month’s Budget did just that. As my colleague Dan Barlow said in his Budget reaction video, the Chancellor’s statement had a clear focus on regional growth with enormous potential for Yorkshire and the Humber.
The Budget announcements of a Freeport for the Humber and the launch of an Infrastructure Bank in Leeds are huge boosts to the regional economy, and they have been followed by a further announcement that the Department for Transport is to create a northern hub in the region as well. I’m delighted to add that Deloitte is also investing in Leeds by launching a northern base in the city for our in-house creative agency.
All of this investment could not have come at a better time. The citizen survey in our State of the State report found that job opportunities are the biggest cause of dissatisfaction among the Yorkshire and Humber public in terms of the region’s economy, infrastructure and services. And more than half believe that opportunities for young people will be worse as a result of the pandemic. Those findings underscore just why the government’s pivot towards a regional growth agenda is so vital and why the Budget’s announcements are cause for optimism.
Take a look at this graphic for more regional insight from The State of the State report or see the full report online here.
Stuart has 24 years with the firm and is Head of Private Markets for tax nationally. Stuart specialises in working with Private Equity businesses and Large Private companies and as a consequence has significant M&A experience of acquisitions and disposals, refinancing’s and IPO’s. He has significant experience in healthcare, motor retail and manufacturing.