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| Heseltine report calls for 'comprehensive wealth creation' | Heseltine report calls for 'comprehensive wealth creation' |
| (about 7 hours later) | |
| A government-commissioned report into boosting the UK economy has recommended ending a century of centralisation and moving growth funds nearer to industry. | A government-commissioned report into boosting the UK economy has recommended ending a century of centralisation and moving growth funds nearer to industry. |
| The review, carried out by former Conservative deputy prime minister Lord Heseltine, makes a total of 89 recommendations to help industry. | The review, carried out by former Conservative deputy prime minister Lord Heseltine, makes a total of 89 recommendations to help industry. |
| One of its key aims is to move £49bn from central government to the regions to help local leaders and businesses. | One of its key aims is to move £49bn from central government to the regions to help local leaders and businesses. |
| Chancellor George Osborne said he would "study it very carefully". | Chancellor George Osborne said he would "study it very carefully". |
| Lord Heseltine, who was also head of the Department of Trade and Industry in the 1980s, says Local Enterprise Partnerships' responsibilities should include wealth creation as well as focus on social provision. | Lord Heseltine, who was also head of the Department of Trade and Industry in the 1980s, says Local Enterprise Partnerships' responsibilities should include wealth creation as well as focus on social provision. |
| He calls the current climate "the worst economic crisis of modern times" and argues that local business and political leaders are best placed to invest the money. | He calls the current climate "the worst economic crisis of modern times" and argues that local business and political leaders are best placed to invest the money. |
| The main points of the report, called No Stone Unturned: In pursuit of growth, include: | The main points of the report, called No Stone Unturned: In pursuit of growth, include: |
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| When in office Lord Heseltine was well known for promoting intervention to back business and the regeneration of urban areas. | When in office Lord Heseltine was well known for promoting intervention to back business and the regeneration of urban areas. |
| His private business interests included a property business and publishing the advertising industry bible Campaign Magazine. | His private business interests included a property business and publishing the advertising industry bible Campaign Magazine. |
| The report is presented in a highly individual style, fronted by a cartoon of Lord Heseltine shining a torch under a rock, with the caption "In search of growth". | The report is presented in a highly individual style, fronted by a cartoon of Lord Heseltine shining a torch under a rock, with the caption "In search of growth". |
| He calls it "one man's vision", and says "there is opportunity on a grand scale". | He calls it "one man's vision", and says "there is opportunity on a grand scale". |
| He said there was excellence in industry, commerce and academia, which should be extended and that cities were "pulsing with energy" that should be unleashed. | He said there was excellence in industry, commerce and academia, which should be extended and that cities were "pulsing with energy" that should be unleashed. |
| However, he backed the government's economic strategy, and said it was taking the right path to recovery. | However, he backed the government's economic strategy, and said it was taking the right path to recovery. |
| 'Challenge received wisdom' | 'Challenge received wisdom' |
| Mr Osborne said the report provided food for thought. | Mr Osborne said the report provided food for thought. |
| "I wanted Lord Heseltine to do what he does best: challenge received wisdom and give us ideas on how to bring government and industry together. He has done exactly that," he said. | "I wanted Lord Heseltine to do what he does best: challenge received wisdom and give us ideas on how to bring government and industry together. He has done exactly that," he said. |
| Business Secretary Vince Cable said he would also be considering the report and would respond in the coming months. | Business Secretary Vince Cable said he would also be considering the report and would respond in the coming months. |
| Shadow business secretary, Chuka Umunna, said aspects of Lord Heseltine's report chimed with Labour's own industrial policy. | Shadow business secretary, Chuka Umunna, said aspects of Lord Heseltine's report chimed with Labour's own industrial policy. |
| "Labour has led calls for an active government approach to support business and underpin regional growth - it is good to see Lord Heseltine echoing this in his report. We will examine his proposals and consider which ones we can take forward," he said. | "Labour has led calls for an active government approach to support business and underpin regional growth - it is good to see Lord Heseltine echoing this in his report. We will examine his proposals and consider which ones we can take forward," he said. |
| "We hope that ministers will take Lord Heseltine's proposals seriously." | "We hope that ministers will take Lord Heseltine's proposals seriously." |
| Business backing | Business backing |
| The Institute of Directors (IoD) business group reacted positively to the broad thrust of the report's proposals. | The Institute of Directors (IoD) business group reacted positively to the broad thrust of the report's proposals. |
| "We welcome the idea of encouraging more devolution to the local level, and ensuring business has the opportunity to make heard its priorities on local issues," IoD director general Simon Walker said. | "We welcome the idea of encouraging more devolution to the local level, and ensuring business has the opportunity to make heard its priorities on local issues," IoD director general Simon Walker said. |
| "Business leaders and the various business organisations have long experience of co-operating to encourage a positive business environment in the UK, and we are committed to continuing that work." | "Business leaders and the various business organisations have long experience of co-operating to encourage a positive business environment in the UK, and we are committed to continuing that work." |
| Meanwhile the TUC also backed the report but warned that it needs to be embraced across government in order to make a difference. | Meanwhile the TUC also backed the report but warned that it needs to be embraced across government in order to make a difference. |
| "The TUC shares Lord Heseltine's vision of collaboration between the public and private sectors, with unions and employers working together to promote growth," said general secretary Brendan Barber. | "The TUC shares Lord Heseltine's vision of collaboration between the public and private sectors, with unions and employers working together to promote growth," said general secretary Brendan Barber. |
| "But he will have his work cut out in convincing ministers of this new approach, who are going to have to change their attitude towards civil servants, public bodies and unions if they want this strategy to succeed." | "But he will have his work cut out in convincing ministers of this new approach, who are going to have to change their attitude towards civil servants, public bodies and unions if they want this strategy to succeed." |
| Lord Heseltine will formally launch his report later on Wednesday at an event in Birmingham. | Lord Heseltine will formally launch his report later on Wednesday at an event in Birmingham. |
| Do you work in industry? What is your view of Lord Heseltine's recommendations? Send us your comments and experiences using the form below. |