Mark Whitehead 15 May 2019

Think tank calls for creation of a British Investment Bank

Think tank calls for creation of a British Investment Bank image

An investment bank should be set up to 'kick start a productivity revolution' after Brexit, according to a local government think tank.

Localis says the Government must guarantee that money currently given by the European Investment Bank and EU structural funds should continue but should be handled by a British equivalent.

It says a 'renewed relationship of trust and respect' is needed between local and central government' to restore 'economic purpose'.

Hitting Reset – a case for local leadership’ says providing financial resources for economic investment, freedom to raise local revenues to fund vital local services and a transfer of powers from Whitehall to local level are 'vital to rebuilding a strong local state capable of rebalancing the national economy'.

A British Investment Bank would enable regional productivity to be democratically accountable and the next Spending Review should set out a replacement to EU funding until 2025.

Localis also calls for a Royal Commission into fiscal devolution as the first step to providing long-term surety of resources, empowering the local state to drive vital 'place-based economic and social reforms'.

In the shorter term, local authorities should be given the freedom to set council tax levels and keep full business rates revenues.

Localis CEO Jonathan Werran told LocalGov: 'A British Investment Bank would be able to allocate resources where they are most required to kick start a much-needed productivity revolution.

'It would mean investment could be organised and agreed at local level and stimulate growth.'

Ann McGauran reports in further detail on the report (£).

SIGN UP
For your free daily news bulletin
Highways jobs

Executive Director of Place, Economy & Environment – West Northamptonshire Council

North Northamptonshire & West Northamptonshire
Up to £140k
Be part of shaping the future Northamptonshire
Recuriter: North Northamptonshire & West Northamptonshire

Executive Director of Corporate Services – West Northamptonshire Council

North Northamptonshire & West Northamptonshire
Up to £140k
Be part of shaping the future Northamptonshire
Recuriter: North Northamptonshire & West Northamptonshire

Executive Director of Place & Economy – North Northamptonshire Council

North Northamptonshire & West Northamptonshire
Up to £140k
Be part of shaping the future Northamptonshire
Recuriter: North Northamptonshire & West Northamptonshire

Director Public Protection and Licensing

Westminster City Council
circa £123k
At Westminster, we are passionate about the place and the people who live, work and visit here. City of Westminster, London (Greater)
Recuriter: Westminster City Council

Executive Director of Finance

Bury Metropolitan Borough Council and Bury CCG
to £130,000
As a key member of the Executive Team for the Council and CCG, you will provide high standards of accounting, governance and audit. Bury, Greater Manchester
Recuriter: Bury Metropolitan Borough Council and Bury CCG

Public Property

Latest issue - Public Property News

This issue of Public Property examines how how flexible workspaces can lead the way in regeneration for local authorities, Why local authority intervention is key to successful urban regeneration schemes and if the Government’s challenge of embracing beauty is an opportunity for communities.

The March issue also takes a closer look at Blackburn with Darwen Council's first digital health hub to help people gain control over health and care services.

Register for your free digital issue