Reeves to instruct national wealth fund to work with mayors to boost growth
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Chancellor says new scheme aims to bridge gap between Whitehall and local leaders to avoid previous top-down approach. Rachel Reeves will instruct bosses of the national wealth fund (NWF) and the new Office for Investment to work with regional mayors for the first time, as part of a package of initiatives to boost growth across the UK.
After a meeting of combined authority mayors and civil servants in Rotherham on Thursday, the chancellor said a deeper relationship between Whitehall and regional leaders would enhance her push to enhance growth nationally. Reeves, who will give a speech about the government’s growth plans next week, said the scheme was aimed at bridging the gap between Whitehall and local leaders to avoid the previous top-down approach.
Speaking before her return from the World Economic Forum in Davos, where ministers have stressed their support for business investment in the UK, Reeves said: “Those with local knowledge and skin in the game are best placed to know what their area needs.”.
She added: “Our reforms will put local leaders at the centre of a network that will connect them with investment opportunities, bringing wealth and jobs to their communities.”. Under the plan, newly formed taskforces will tailor growth strategies for each region, “ensuring investment matches local needs and drives sustainable growth”.
Last year, mayors were asked to provide initial growth plans, including some “easy wins” that could kickstart growth in their region. However, the Institute for Government thinktank said the leaders of combined authorities were not clear at the time “what plans are supposed to achieve and how they will be developed and used”.
