'Economic plan would benefit East Lancashire' (From Lancashire Telegraph)

'Economic plan would benefit East Lancashire'

3:00pm Thursday 1st November 2012 in News By Lisa Woodhouse, Assistant picture editor

Lord Heseltine

RECOMMENDATIONS to encourage economic growth away from the South East have been welcomed in East Lancashire.

In a new report, commissioned by Downing Street, former Conservative party deputy prime minister Lord Michael Heseltine said bolder action should be taken to stimulate the economy, He said that he wants the funds used to support industry to be distributed locally, rather than through central government. His review called No Stone Unturned makes 89 recommendations to help industry.

These recommendations have been welcomed by Mike Damms, chairman of East Lancashire Chamber of Commerce, who believes the decentralisation of funds would encourage growth in the region.

One of Lord Heseltine’s key aims within the report is to move £49bn from central government to the regions to help local leaders and businesses.

The aim, he said, was to devolve central power from Whitehall and re-invigorate the big cities that had fuelled the growth and wealth in past decades. In his report he said local business and political leaders are best placed to invest the money.

Speaking after the official launch of the report at Birmingham’s town hall, Mr Damms said: “I welcome the analysis. Now we need to sit and think carefully about what has to happen to make the recommendations come to fruition.

“Locally, its about the continuing recognition that East Lancashire is one of the world’s greatest trading areas. All our problems are not solved, but there’s a lot that East Lancashire will like in the report and it’s about working to deliver these recommendations.”

The report is being considered by the Government.