This theory underpins both industrial strategy and city economic empowerment.īut to what extent does this hold true? The key tests of this approach are, firstly, whether growth in advanced sectors been dispersed and, if so, whether the benefits have been shared within those areas. The intention is that growth that is inclusive across places is also inclusive within places, as those not directly involved in advanced sectors will benefit from positive spillover effects.
The cornerstone of the consensus view of industrial strategy is the need to help advanced sectors develop and spread them across the country. After a long absence, industrial strategy is back on the agenda as a way of providing this inclusive growth. Encouraging economic growth is vital but so too is ensuring the prosperity created is evenly shared.
Policy makers in Westminster, devolved administrations, cities and local authorities struggle with many of the same challenges.
