Exchequer Secretary to the Treasury speech at the West Midlands Growth Summit
The Exchequer Secretary to the Treasury outlined plans to address regional inequality by devolving power and resources to local leaders, including the West Midlands, to drive economic growth and reduce reliance on London.
The Exchequer Secretary to the Treasury praised the West Midlands for its industrial heritage and modern economic strengths during a speech at the West Midlands Growth Summit. He highlighted the region’s manufacturing sector, professional services growth, and entrepreneurial ecosystem, crediting Mayor Richard Parker’s leadership. The Secretary also referenced the development of the Sports Quarter, supported by No10 North and local authorities, as a model of collaboration to counter regional disparities. He stressed the need for decentralised decision-making to unlock the region’s full potential.
The Secretary acknowledged Britain’s long-standing regional inequality, noting that over-centralisation has weakened core cities and overburdened the South-East. He argued that most major economies empower local institutions to drive growth, whereas Britain’s public sector has historically lacked strategic focus. The speech framed devolution as a solution to reverse this trend, aligning with the Prime Minister’s recent commitments to good growth across all regions. He emphasised the importance of local leadership in shaping economic priorities.
He outlined a strategy to shift power and resources from Whitehall to local areas, starting with a foundation of equitable growth. The approach involves targeted investment in high-potential urban areas, rather than dispersing efforts thinly across the country. The Secretary warned against unfocused policies that fail to address modern economic realities, advocating for hard-headed prioritisation of growth opportunities.
The speech concluded with a call for a new era of collaboration between central and local government. The Secretary highlighted the establishment of a Coordination Group for the Sports Quarter project as an example of this partnership. He underscored the significance of aligning national and local efforts to deliver sustainable, inclusive growth across all postcodes.