The Bishop of Newcastle gave a speech on the topic of the economy and economic growth during the King’s Speech debate on 22nd July 2024, highlighting the importance of local communities in relation to businesses and social enterprises:
The Lord Bishop of Newcastle: My Lords, I welcome the gracious Speech and the importance it places on economic growth. I congratulate the noble Lords, Lord Vallance and Lord Petitgas, on their excellent maiden speeches.
The Government’s bold articulation of fiscal reality, and the resistance to colluding with demands for short-term fixes, present a helpful foundation for next steps. One question is: when striving for growth, who will most feel its impact? The UK has some of the highest levels of geographic inequality in Europe. According to a survey conducted in 2022 by YouGov and the Resolution Foundation, 41% of those surveyed in the north-east felt that their region has generally declined in recent years—the highest out of any region in the UK. This feeling is not unfounded when real wages in half of the north-east’s local authorities are still below 2008 levels. The impact can be felt in take-home pay and on our high streets, and it is borne out in the investment decisions of businesses.
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