The disparity between the north and south of England is clear. London and South East England hold much of the economic wealth in the country, be that investment, jobs, or economic opportunity. According to the ONS, household wealth fell by 12% in the North East and East Midlands between 2006 and 2018, but grew by nearly 80% in London and by over 30% in south-east England. Quite an alarming statistic.
As investment continues to pour into the capital, London will remain the economic epicenter, attracting graduates and employees seeking new prospects. Increasing the number of workers travelling south inevitably leads to another outcome – a greater divide.
Government policy can play a significant role in addressing these challenges. The report “Make No Little Plans: Acting At Scale For a Fairer and Stronger Future” suggests a number of initiatives, some of which I personally think can have a great impact.
However, I believe corporations have a large part to play. Many businesses have successfully relocated back office functions to other cities in a move to reduce costs – there are numerous examples. Can government policy drive this to a larger extent? Can policy incentivise businesses to adopt a remote working business model.
With technology advancements facilitating the creation of virtual teams and encouraging agile working, there is an argument that this is the most economic and powerful method for the government to decrease inequality. Mass investment is important but may not necessarily have the impact we wish.
Technology advancements are constantly evolving business models, usually resulting in greater efficiencies and, ultimately, better margins. At Polestar we are constantly challenging our clients as we seek to improve financial and operational performance.
“Make No Little Plans: Acting At Scale For a Fairer and Stronger Future”