Published in May 2019, Richard Jones’ article argues that structural changes in the UK economy since the 2007-08 financial crash have led to lagging productivity, lower wages and lower standards of living, particularly outside London and the South East. Significant inequality across the UK means there is a pressing need to rebuild the economic capacity of the regions, catalysing the power of public spending to create new markets while supporting existing sectors.

The article proposes that targeted public investment in translational research should be made in less prosperous regions in the UK (outside London and the South East) to drive innovation, improve skills and boost economic growth. The low carbon energy sector and health and social care are identified as key areas of opportunity for the UK to focus public sector funding and improve linkages between research and development spending and societal goals.