According to the deputy Prime Minister Nick Clegg the UK economy is nowadays focused mainly on London and it has to change its politics.
He is about to deliver a speech in which he will say that restoration of spending powers to authorities in other big cities is needed. In his words, if these changes do not happen Britain will lose out on £41bn a year.
“There can – and must – be more than one jewel in our crown.”
He added that political choices made UK’s economy so highly-centralized in London.
It turns out that the Labour and Conservative governments of the day were in a way enchanted by London’s financial services and eventually forgot about other industries and communities.
“The previous government, in particular, recycled and redistributed City of London tax receipts to other parts of the country through the long arm of Whitehall.
“Emasculating the north and overburdening the south. Trying to prop up a nation of 100,000 square miles on the profits of just a single Square Mile.”
The first speech from the annual series delivered by the deputy prime minister comes as the coalition is about to increase the amount of government spending local authorities in England.
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