The Northern Powerhouse seems to have failed to close the gap between the wealth of the north and the south.
George Osborne’s vision of revitalising the great northern cities appears to have been hot air.
EY have indicated that the gap between the two areas will continue to grow until 2020 as the economy fails to rebalance.
London and the south-east will bring in 2.2 per cent and 2 per cent growth respectively, while the rest of the UK will lag behind with 1.8 per cent growth.
As Brexit appears on the horizon there are fears the rest of the UK, outside of the South-east, could suffer a lengthy period of economic decline, from an already low base.
EY’s chief economist for UK and Ireland said: “The UK has made little progress on regional rebalancing over the past three years, and we expect more of the same over the next three years.”
Jeremy Corbyn: “It is impossible to believe this is a government capable of negotiating a good deal for this country”
Since you are here
Since you are here, we wanted to ask for your help.
Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.
Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.
If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.
To donate or subscribe to The London Economic, click here.
The TLE shop is also now open, with all profits going to supporting our work.
The shop can be found here.
You can also SUBSCRIBE TO OUR NEWSLETTER .