Treasury in North

Moving power out of London

KEY to the success of any plan to rebalance prosperity and opportunities across the UK is a shift in the centre of power away from the capital.

That means devolution to the regions, enabling decisions on crucial issues such as transport, skills and support for business to be taken at a more localised level. But it also means reforming nationwide decision-making to become less London-centric.

New Chancellor Rishi Sunak is understood to be planning to do just that.

He is expected to use his first Budget to announce that part of the Treasury will be moved to a location in the north of England, with a source claiming he wants to “shift the gravity” of economic decisionmaking away from the capital.

It follows reports last month that the Prime Minister is considering moving the House of Lords out of London, potentially to York, as the Government explores how it can “reconnect” the public with politics.

After his election victory in December, Boris Johnson vowed to repay the trust of voters in the North who backed the Conservative Party and these planned relocations could be seen as a sign that he is looking to work in their favour.

As MP for Richmond, his Chancellor Mr Sunak understands perhaps more than most the challenges facing communities in this region and the issues that matter most to its people. And moving part of the Treasury north would give those with financial power an opportunity to experience that first-hand too.

In this sense, it would be a welcome first brick in the wall of Mr Johnson’s levelling up agenda.