Rebalancing Regional Economies

Will Stone Excerpts

Wednesday 14th May 2025 Westminster Hall

[Andy MacNae]

I thank my hon. Friend for that intervention—I remember that brilliant report very well, and that process of devolution is a crucial element of getting this right.

What are the underlying issues and what can we do about them? It is perfectly understandable that, in looking for growth, we go first to places where it can be achieved most easily at scale and at the lowest cost. That is an instinct backed-up by long-established practices. We see it manifest in announcements around the Oxford-Cambridge corridor, the lower Thames crossing, Heathrow and Old Trafford.

[Will Stone (Swindon North) (Lab)]

While I welcome the Oxford-Cambridge corridor, does my hon. Friend agree that extending it down to places such as Swindon would not only boost the economy in my region, but also the country?

[Andy MacNae]

Indeed; part of the thrust of my argument is that these growth corridors must extend into the areas that need them most, and I am sure that Swindon very much needs to be part of that mix. The focus on those easier areas is perfectly reasonable, but if we continue in this vein of only doing the big and easy things, all the money will be gone before we get anywhere near the likes of Rossendale and Darwen.

In places such as my home, delivering growth is not easy—it is complex and bespoke and needs sustained focus. There is rarely a silver bullet and, if there was one, it would be tough to deliver. But, if properly valued, the long-term benefits of doing the hard yards are huge not just in economic terms, but in terms of health, crime, housing, environment and general wellbeing. That is the rub: as things stand, too often we do not fully value these benefits, either quantitatively or qualitatively. Ministers make decisions and advisers advise. The Government guidance for investment is the Green Book, which sets out how decisions on major investment projects are appraised. It was last reviewed in 2020 and is subject to another review now. Despite a clear intent for that guidance to support regional rebalancing, it is clear that embedded practices too often default to over-reliance on simplistic and short-term cost-benefit ratios.