Growth in every postcode: good politics, dubious economics - FT中文网
登录×
电子邮件/用户名
密码
记住我
请输入邮箱和密码进行绑定操作:
请输入手机号码,通过短信验证(目前仅支持中国大陆地区的手机号)。如果该手机号尚未注册,将自动创建 FT中文网账号。短信可能需要几分钟送达,验证码15分钟内有效,请耐心等待:
请您阅读我们的用户注册协议和隐私权保护政策,点击下方按钮即视为您接受。
FT商学院

Growth in every postcode: good politics, dubious economics

The UK government would be better off backing clusters and widening access to opportunity
00:00

{"text":[[{"start":8.04,"text":"For successive UK governments, improving the fortunes of regions beyond London and the South East has been a laudable, if elusive, ambition. Too often, political leaders have proved more adept at producing slogans than generating growth. Theresa May’s industrial strategy championed “prosperous communities across the UK”. Boris Johnson backed “levelling up”. Now, Britain’s newish, hyperlocalist, prime minster, Andy Burnham, is promising “growth in every postcode”. Will he do better than his predecessors?"}],[{"start":40.84,"text":"Burnham’s mantra is perhaps less a literal goal than part of his broader strategy to appear inclusive, and reassure voters in left-behind areas that he wants to make a difference in their daily lives. It is good politics. This week, in his first major speech since being chosen as Burnham’s chancellor, John Healey doubled down, insisting it was “not a slogan, but a test”. If so, the government is setting itself up for failure."}],[{"start":68,"text":"Drivers of growth in services-led advanced economies like Britain’s are urban areas. In the UK, cities and large towns covering only 9 per cent of land generate 63 per cent of economic output, according to the Centre for Cities think-tank. Businesses tend to be most productive in dense clusters, where they can benefit from agglomerating skills, customers and suppliers. But there are many postcodes that are simply too residential or sparsely populated to be meaningful hubs for economic activity."}],[{"start":99.04,"text":"Attempts to drive growth everywhere risk spreading scarce economic and political resources too thinly. As the former mayor of Greater Manchester, Burnham should know this. The fast-growing city region has benefited from the regional authority’s focus on enabling private investment to densify its city centre. Though standards of living vary widely across the conurbation, analysts note that efforts to spread growth would most likely have resulted in lower wealth creation in aggregate."}],[{"start":127.76,"text":"Given the pressing need to jump-start the British economy, going for growth everywhere makes little sense. It is better first to target those areas with the greatest potential for what economists call economic multipliers, where initial investments generate disproportionately large returns. This includes Britain’s lagging second cities and the Oxford-Cambridge growth corridor, where innovative, university-led research needs lab space and transport links to grow. This approach would boost overall tax revenues, which can then help address economic weaknesses in other regions."}],[{"start":161.96,"text":"This does not mean Healey and Burnham should ignore other areas. Rather, they should focus on driving growth in existing urban and innovation clusters to act as engines for broader growth, and make it easier for people in all postcodes to access it."}],[{"start":176.68,"text":"Plans to deepen devolution and give public financial institutions more scope to crowd in private capital may help, but their success depends on competent local governance, which is not a given. Instead, there should be greater focus on removing hurdles that constrain business growth in high-potential regions, and the ability to build the infrastructure needed to connect people to them. Indeed, Manchester’s rise shows that while strong local public bodies help, it is ultimately the private sector that fills office towers with jobs, builds homes and lays transport networks at scale."}],[{"start":211.04,"text":"Here, Healey’s pledges to cut red tape are promising. But other impediments on companies — from high energy prices and skills shortages to post-Brexit trade barriers — need addressing too. The chancellor should be clearer on how he will manage tight public finances without resorting to higher taxes on wealth creators. If Healey and Burnham want to be remembered for actually catalysing meaningful growth around the country, “growth in every postcode” is better confined to a slogan rather than a target."}],[{"start":243.08,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1788928271_7956.mp3"}

版权声明:本文版权归FT中文网所有,未经允许任何单位或个人不得转载,复制或以任何其他方式使用本文全部或部分,侵权必究。

AI与通胀:央行行长该担忧到什么程度?

这取决于一个价值万亿美元问题的答案:AI是否真能带来预期的生产力提升?

印度企业界的乐观情绪站得住脚吗?

印度企业界公开表达的乐观情绪,与家庭和投资者的焦虑情绪之间的落差日益明显。

Lex专栏:中国药企在药品开发领域获得一席之地

外国制药集团如今开始购买中国本土开发创新药物的授权。

特斯拉与太空探索技术公司:以马斯克为中心的庞大企业星系

埃隆•马斯克旗下上市公司的合并有一定道理,但其他股东最终可能不如现在有影响力。

火箭、机器人和风险:马斯克的3.6万亿美元豪赌

全球首富试图促成迄今最大胆的一笔合并交易,但他还需要说服股东和全球监管机构。

埃博拉疫情扩散至西非,世卫组织发布警报

尼日利亚当局正紧急追踪一名本迪布焦型埃博拉病毒检测呈阳性者的数十名密切接触者。
设置字号×
最小
较小
默认
较大
最大
分享×