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.”
