There is an overwhelming sense of regional pride and commitment that comes through from the interviewees of this report. Regional businesses need a devolution framework and for deals to work effectively. We need to plan and execute place-based strategies and work with recently appointed metro mayors in our city regions, but making sure that other areas do not lose out unfairly in spending and investment allocations.

The UK’s industrial strategy is already pretty well advanced. However, Government needs to understand the local economy and support local enterprise partnerships (LEPs). This is quite urgent as LEPs play a front and centre role in this dialogue. Operating like a virtuous triangle consisting businesses, policy makers and educators, LEPs working in unison at a national and regional level will be the sweet spot for success.

Carolyn Fairbairn, CBI Director-General, said: “Progress has been made on the productivity agenda, but there is more to be done. Business needs to see a clear devolution framework, action to advance educational attainment, and a focus on regional infrastructure. These foundations - combined with continuing collaboration between policymakers and business leaders - will help ensure that we make the most of this opportunity to create a healthy and balanced UK economy.”