The Chancellor, Jeremy Hunt, is an optimist, happy to believe that “when it comes to the innovation industries that will shape and define this century, the UK is powerfully positioned to play a leading role”. His speech at Bloomberg on Friday was full of enthusiastic references to digital technology, life sciences, clean energy and the creative industries. Hunt’s vision is to “turn the UK into the world’s next Silicon Valley”, attracting the best innovators from all over the world.
He is also, however, a realist, admitting that the UK suffers from “poor productivity, skills gaps, low business investment and the over-concentration of wealth in the South-East”. He intends to guide us from a downbeat present to a prosperous future by embracing the “Four ‘Es of economic growth and prosperity”: Enterprise, Education, Employment and Everywhere.
