Power to the regions

Universities to support regional devolution.

George Osborne has called for greater powers to be devolved from London to other British cities in his first speech since he was reappointed as chancellor of the exchequer. Universities in the north will be recognised as a “key economic asset” within this framework, he said.

Osborne told an audience in Manchester that he plans to use the Northern Powerhouse concept, which pools together public services and business communities in neighbouring towns and cities, as a blueprint for other regions. This will help close the “decades-old economic gap between north and south”, which was a key manifesto commitment, he added.