The Government is committed to delivering good growth in every postcode of the United Kingdom.

Today, I am setting out more detail on how we will deliver on this promise - in order that people and places see the benefits of this growth as soon as possible.

The UK has significant strengths and economic potential: life sciences, defence, technology, creative industries and financial services.

However, global instability continues to present challenges. Conflicts and trade tensions have driven up inflation and interest rates, while borrowing and debt costs have increased.

We have shown resilience in the face of these challenges. Borrowing is falling, while still fragile, growth was the fastest in the G7 in the first half of this year, and productivity is increasing.

In the context of continued global uncertainty, we must not become complacent. Fiscal credibility is indivisible from growth, and is my first priority.

The Prime Minister set out last week a clear diagnosis of what has gone wrong. Political power was centralised, economic enablers have been privatised or outsourced, and the country deindustrialised.

The Government will change this through a fundamental shift that starts with restoring power and resources to local leaders to build infrastructure, boost private investment, and develop local industrial strategies. This will unlock the potential of their region to do the things they do best in a way that Whitehall simply cannot. Greater public control through a more effective and strategic state at all levels will enhance oversight of the essentials. This will create the conditions for a new civic partnership between government, business and academia. Alongside this, national policy on investment, innovation and jobs will create the right conditions for the private sector.

The UK has had the lowest investment rate among G7 countries for most of the last 20 years, and the regional disparities between current levels of public investment per head are too great. We have made progress recently but need to do more. This includes sharpening the focus of our Public Financial Institutions to align with this Government's priorities, reducing unnecessary consultation, litigation and administration, and changing the Green Book to support projects with more long-term potential in places across the country.

The UK has a strong record on innovation – world leaders in frontier technologies, including quantum, nuclear fusion and space technology, as well as AI, a general-purpose technology that requires oversight but also brings great opportunity. The Government will earmark dedicated funds to back British innovation through public investment, procurement and closer cooperation between local leaders, universities, investors and businesses. It will strengthen support for high-growth businesses and emerging technologies, with the ambition of doubling the number of unicorn firms in this country.

We need to take advantage of our human potential and recognise that skills and labour markets vary across the country. The Prime Minister has set out his plan on technical education. We are moving funding and power for the skills system to local areas to improve work experience and employment opportunities for young people, tailored to the needs and strengths of places. This autumn, Alan Milburn will set out his full recommendations to government on how to address the blight of youth unemployment.

These measures will increase investment, accelerate innovation, and support more people into work, ultimately raising productivity and growth.

https://www.theyworkforyou.com/wms/?id=2026-09-07.hcws312.0