It is vital that regions outside the ‘Golden Triangle’ of Oxford, Cambridge and London encourage new enterprise in order to tackle the economic and social challenges that lie ahead, says a new report.
Published today by the National Endowment for Science, Technology and the Arts (NESTA), the findings emphasise the ‘vicious cycle’ which is seeing more investment in high-performing areas and creating a £32bn productivity gap between the South East and other regions.
The report cites Dundee as an example of an ‘ordinary region’ which has overcome the productivity gap, and the ‘critical role’ played by local entrepreneur, Sir Philip Cohen, who has worked to develop a coalition of small businesses and local organisations.
Jonathan Kestenbaum, CEO of NESTA, said exploiting new business ideas and solutions that come from outside the Golden Triangle is ‘vital’ for the nation’s future prosperity.
“Recent reforms to regional and local government represent a real opportunity to create individual strategies that properly reflect strengths and weaknesses,” he added.
Stephen Timms, minister for competitiveness, said: “It’s essential that every region plays its part in raising the productivity and prosperity of the UK.
“My department is working closely with the Department for Innovation, Universities and Skills in support of their objective to encourage innovation across the UK.”
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