Creating a national strategy for growth may significantly boost the British economy, former Conservative Party MP Michael Heseltine has said. Speaking last week to unveil his 89 recommendations set out in his report, ‘In Pursuit of Growth,’ Mr. Heseltine told the media that implementing a solid economy-boosting plan whilst supporting wealth creation was the way forward.
Mr. Heseltine, or ‘Tarzan’ as he has been nicknamed, imploringly requested ministers to focus on supporting UK-based companies rather than cutting red tape. He recommended that London be devolved with Whitehall giving more power to local government.
The report commissioned by Chancellor George Osborne pursues major challenges such as energy investment, the EU, immigration and local government. It has been backed by trade unions and UK employers along with key figures from the Labour Party, such as Labour Leader Ed Miliband and Shadow Chief Treasury Secretary Rachel Reeves. Mr. Heseltine welcomed criticism which was actually “a sign of strength.”
“We need a new partnership between the private and public sectors, between local communities and central government, the better use of public money and consequently the levering of private investment,” he added.