Growth 35: A vision for the UK economy by 2035
Creating the conditions for a high-growth economy
“Regional growth is the holy grail of economic improvement across the UK,” says Greater Manchester Mayor, Andy Burnham, at Deloitte’s first ever Growth 35 event
Launched this year, Deloitte’s Growth 35 initiative sets out an inspiring vision of what the UK economy could look like in 2035.
Our premise is if the UK can become a high-growth economy – with rates of growth increasing to 2% per annum by 2035, rising further to 2.5% by 2050 – then the UK economy can be almost £500 billion larger.
UK Growth 35 North West
At our first Growth 35 event in Manchester, we brought together a community who are passionate about the region’s future. Take a look.
The aim of Growth 35 is to bring together leaders from the public and private sectors, academics, and politicians, to identify the collective action that will lead to the UK being a high-growth economy
Launched in May 2024, at the Alliance Manchester Business School, over 150 leaders from the North West were welcomed by Deloitte’s new Practice Senior Partner for the North West, Jo Ahmed, and Professor Ken McPhail.
Guest speakers included Andy Burnham, the Rt Hon George Osborne, Ed Balls and Professor Lou Cordwell.
Our speakers debated Deloitte’s proposition that action in five specific areas would lead to the North West enabling the UK to become a high growth economy: climate action, technology adoption, attracting foreign direct investment, creating pride in the places where we live, and the North West being the fastest growing cultural, sporting and visitor destination in the UK.
The country's economic aims – both in terms of growth and productivity – will be driven by transformation in our regions. Deloitte will play a fundamental role in this.
Dan Barlow, Managing Partner for Regions, Deloitte
Collaboration is essential
There was unanimity that collaboration between government, the private sector and academia is essential in creating a high growth economy in the North West and beyond.
Former Chancellor George Osborne put forward this proposition, saying: "The heart of any growth plan for the economy comes down to the relationships that you have, especially at a regional level. We can achieve this by creating cluster effects in the big cities outside London.”
Ed Balls highlighted the importance of local powers stating: “To achieve growth in our towns and cities, we need to back regional leaders, introduce more devolution of power, and a combined effort with a central government.”
Our contributors also emphasised the importance of transport as an enabler for economic growth, citing the need for increased connectivity between cities and towns, as well as skills and homes in places where people want to live.
During the day, attendees agreed areas for collaboration on the five key areas proposed by Deloitte.
These action areas will form the focus of working groups that Deloitte will continue to convene over the forthcoming year.
We followed our Manchester launch with a second event held at the London School of Economics. The 150 attendees heard the views of Mark Carney, former Governor of the Bank of England, on how climate action can lead to UK economic growth and identified areas for collaboration on the 6 areas of climate action that Deloitte proposed to support.
Jobs, innovation and technology
Deloitte will continue to convene the politicians, the public and private sectors and academia to identify areas to collaborate on economic growth, with technology and action on sustainability and climate being the focus of our ongoing programme.
In the North West specifically, Jo Ahmed outlined her vision for the region and the potential it has, saying: “I have witnessed first hand the benefit of public and private sector partnerships, and the success that can be delivered in terms of investment, jobs, innovation and technology.
“I truly believe the region has the potential to be the UK’s economic growth and prosperity leader over the next 10 years.”
Our commitment to the North West was made clear during the year as we fitted out Deloitte’s new office at 100 Embankment. Our new home in Manchester occupies 65,600 sq. ft and focuses on sustainability. The office is fitted with low carbon products such as carpet made from industrial waste and recycled plastics, and joinery made from local offcut timber and wood dust.
