Magazine article Public Finance

OECD Finds the Northeast Trailing

Magazine article Public Finance

OECD Finds the Northeast Trailing

Article excerpt

The Northeast is lagging behind the rest of the UK in terms of economic growth and prosperity, according to influential international analysts.

The Organisation for Economic Co-operation and Development's report is the body's first review of a medium-sized city region', and the first of its kind to be undertaken in the UK, and has left civic leaders with some hard-hitting conclusions.

Speaking to Public Finance ahead of the report's publication on July 21, Newcastle City Council chief executive Ian Stratford said the report spelt out some hard truths.

'We're lagging as a region economically and if we continue do the same as we have for the past 20 years, we'll continue to lag,' he said.

But Strat ford added that the region accepted the OECD analysis and stressed that it would act as a catalyst for change. 'We're not going to run away from it. It's got some very strong messages we need to heed,' he said.

The city council, along with neighbouring authorities and the regional development agency, One NorthEast, hope to produce a considered response to pass to ministers by the autumn.

The report states that the Northeast shows limited prosperity and growth compared with other UK regions, with most economic and innovation indicators trailing the national average. …

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