It is encouraging to hear the Chancellor making a clear, coherent argument for fiscal devolution to the big cities. More encouraging still is that the Mais Lecture frames the need for fiscal devolution around the national growth and productivity challenge.
Big cities are underpowered. That doesn't just hold back regional economies – it constrains national economic performance. It makes it harder for the Government to deliver on its economic mission of raising growth and living standards everywhere, and results in lower investment and less dynamism in the UK.
