West Wing fans may have smiled at the news that the Prime Minister had established a new "Growth Situation Room" at No.10 North. But behind the headline is a serious shift: devolution is becoming one of the Government's main tools for driving growth. The location may be Manchester, but the message is much bigger than one city. It is about recognising that growth opportunities exist in every corner of the UK, and local leaders will play an increasingly important role in turning regional strengths into economic success. For TheCityUK, this is familiar territory.
We established TheCityUK’s Regions and Nations Programme in 2017. Since then, we have spent time with businesses, policymakers and civic leaders across the UK, exploring what helps places grow, what holds them back and how financial and related professional services can support solutions. Our engagement across the UK indicates there are consistent priorities for business in the financial and related professional services industry – skilled people, modern infrastructure, strong digital connectivity and proactive local leaders. Done well, devolution can help deliver these priorities.
Financial and related professional services is already one of the UK's most important growth industries, with a truly national footprint. Our industry supports businesses, jobs and communities in every nation and region of the country, so we are well placed to help local leaders turn good ideas into real-world results.
For devolution to deliver lasting growth, business must be involved early and meaningfully. Too often, industry is consulted after priorities have been established and decisions largely taken. The most successful growth strategies are developed differently. They bring together government, local leaders and business from the outset to identify opportunities, understand barriers and shape practical solutions.
We are already seeing what that can look like in practice. Through the Strategic Investment Assessment Programme (SIAP),we have worked with officials to help places understand what investors need and present local opportunities more effectively, strengthening their investment readiness. We have also supported the Strategic Investment Opportunities Unit (SIOU) which connects places, government and investors, helping promising projects secure the relationships, expertise and capital needed to move from ambition to delivery. These programmes illustrate the wider role of financial and related professional services industry can play in local growth.
The UK’s success depends on an interconnected economy, where growth in Manchester, London, Belfast or Cardiff creates opportunities well beyond each city.
That is why this debate should never be framed as London versus the rest of the country. London remains a major national asset, while every part of the UK has strengths and ambitions that deserve to be realised.
The political momentum behind devolution is clear. The challenge now is to turn it into practical, measurable outcomes for businesses and communities across the UK. Engagement with businesses and policymakers across the country shows consistent ambition. From Belfast to Birmingham, Cardiff to Newcastle, businesses are ready to invest, innovate and grow. If No.10 North is to become the Government’s “Growth Situation Room”, its focus should not be on searching for growth. It is already present in every nation and region of the UK. The task is to back it with the investment, skills and partnerships needed to deliver.
