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| Nick Clegg: Labour and Tories 'bewitched by Square Mile' | Nick Clegg: Labour and Tories 'bewitched by Square Mile' |
| (7 months later) | |
| Nick Clegg will use a speech in the heart of the City to call for London's financiers to wake up to the opportunities of investing in the north of England. | Nick Clegg will use a speech in the heart of the City to call for London's financiers to wake up to the opportunities of investing in the north of England. |
| The deputy prime minister will lament an over-reliance on the south east for economic growth and the decline of the regions. | The deputy prime minister will lament an over-reliance on the south east for economic growth and the decline of the regions. |
| Clegg will also attack both Labour and his party's coalition partners for becoming bewitched by London's financial services, squandering other industries and allowing "other communities to wither". | Clegg will also attack both Labour and his party's coalition partners for becoming bewitched by London's financial services, squandering other industries and allowing "other communities to wither". |
| However his key message on Wednesday will be that opportunities are being missed by investors. He will say: "The regions are your trading partners. If the north was its own country, it would be the 8th largest in the EU. And their breakthroughs are your gains. | However his key message on Wednesday will be that opportunities are being missed by investors. He will say: "The regions are your trading partners. If the north was its own country, it would be the 8th largest in the EU. And their breakthroughs are your gains. |
| "We need to rebalance our economy away from its overreliance on London and the south east. London will always be at the heart of the UK's economy, and the envy of the world: open, global, dynamic, diverse, unmatched in its talent and expertise. | "We need to rebalance our economy away from its overreliance on London and the south east. London will always be at the heart of the UK's economy, and the envy of the world: open, global, dynamic, diverse, unmatched in its talent and expertise. |
| "But we have other strengths too: in other industries, in other places. And it is in everyone's interests – not least London's itself – if that potential is now tapped. There can – and must – be more than one jewel in our crown." | "But we have other strengths too: in other industries, in other places. And it is in everyone's interests – not least London's itself – if that potential is now tapped. There can – and must – be more than one jewel in our crown." |
| Clegg, along with financial secretary to the Treasury, Greg Clark, has been leading on efforts to devolve powers to the eight core cities: Birmingham, Bristol, Leeds, Liverpool, Manchester, Newcastle, Nottingham and Sheffield. | Clegg, along with financial secretary to the Treasury, Greg Clark, has been leading on efforts to devolve powers to the eight core cities: Birmingham, Bristol, Leeds, Liverpool, Manchester, Newcastle, Nottingham and Sheffield. |
| In his speech Clegg will admit that a change in the global economy and the decline of heavy industry in the UK had a part to play in the decline of the regions. | In his speech Clegg will admit that a change in the global economy and the decline of heavy industry in the UK had a part to play in the decline of the regions. |
| However he will also suggest that British governments have been negligent in addressing the problems. | However he will also suggest that British governments have been negligent in addressing the problems. |
| He will say: "The challenge for us is to rebuild our economy so that it runs on all cylinders, tapping into our huge potential across the country as a whole. If all of our big cities closed their output gap – in other words met their potential – we would see an additional £41bn on GDP every year. | He will say: "The challenge for us is to rebuild our economy so that it runs on all cylinders, tapping into our huge potential across the country as a whole. If all of our big cities closed their output gap – in other words met their potential – we would see an additional £41bn on GDP every year. |
| "And when you look at the UK's economy, never forget that its highly centralised design is as much the result of political choices as anything else. From the big bang right until what was a monumental crash, the Labour and Conservative governments of the day were so bewitched by London's financial services that they squandered other industries and allowed other communities to wither." | "And when you look at the UK's economy, never forget that its highly centralised design is as much the result of political choices as anything else. From the big bang right until what was a monumental crash, the Labour and Conservative governments of the day were so bewitched by London's financial services that they squandered other industries and allowed other communities to wither." |
| Clegg, whose party is desperately seeking to hold its seat in Eastleigh, Hampshire, following the resignation of Chris Huhne, will add: "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. And in doing so they took the easy route: expanding the public sector in the north, paid for by the private sector in the south. 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." | Clegg, whose party is desperately seeking to hold its seat in Eastleigh, Hampshire, following the resignation of Chris Huhne, will add: "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. And in doing so they took the easy route: expanding the public sector in the north, paid for by the private sector in the south. 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." |
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