Labour would transfer £30bn to city and county regions for infrastructure for growth

Shadow chancellor Ed Balls today committed Labour to transferring £30bn to city and county regions to help local businesses to thrive. 

Lord Adonis led a review of Labour's growth policies and will unveil this tomorrow. Balls today commits the £30bn over the course of the next Parliament "to achieve [Adonis'] vision". Balls said: "From Silicon Valley to the City of London, the world's best industries tend to be clustered. The Government cannot create clusters, but it can do a lot to support those that already exist, especially at the local level." He said LEPs covering both city and county regions were best placed to do this.

The £30bn over five years compares to the £20bn Local Growth fund announced by the coalition Government for the same period.

Balls also said that a national steer on infrastructure was also needed alongside greater devolution of funding. "We need an independent infrastructure commission, as Sir John Armitt has proposed, to put aside the dither and squabbling that has dogged our approach to infrastructure for decades."