Magazine article Public Finance

Barnett Formula 'Should Be Extended'

Magazine article Public Finance

Barnett Formula 'Should Be Extended'

Article excerpt

The formula that allocates public funding per head to the devolved nations should be extended to regions in the North of England, according to a think-tank.

The Smith Institute has warned that Yorkshire and the Humber, the Northeast and the Northwest would be disproportionately affected by spending cuts announced by the government This is because of their heavy reliance on public sector jobs and fragile local economies.

Paul Hackett, director of the think-tank, called for the Barnett Formula to be put in place in the North of England in the same way it was used to top up public spending in the nations during a period of hardship in the late 1970s.

He told Public Finance that applying cuts in a 'crude silo manner' across the country would have disastrous consequences for towns and cities such as Stockport, Hull Middlesbrough and Stoke on Trent, whose local economies had been boosted in recent years by public sector investment. …

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