The levelling up ‘missions’ are not up to the task
The government’s levelling up white paper sets out a wide range of ways in which our economy leads to regional inequalities. However, of the 12 medium term levelling up ‘missions’ aimed at reducing regional inequalities by 2030, only four are clear, ambitious and have appropriate metrics to have a realistic chance of achieving their objectives. Five are insufficiently ambitious; three are unrealistically ambitious; four do not define success; two are too narrowly focused; and one is not aligned with the broader objective.
The economy needs to be restructured and made fairer
Our economy is too reliant on household debt and ever-rising property prices, and needs to transition from short-term and too narrow a focus on the finance sector to investment-led growth. It also has an unsustainable imbalance between imports and exports. Many sectors suffer from low productivity, low wages, and poor quality and insecure jobs; we need to move away from overly flexible labour markets and get better at adopting new technologies. Many sectors are also highly concentrated, so we need to embrace open markets.