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Lord Heseltine has set out a comprehensive economic plan to improve the UK鈥檚 ability to create wealth. His independent report makes the case for a major rebalancing of responsibilities for economic development between central and local government, and between government and the private sector.

The report 鈥楴o stone unturned in pursuit of growth鈥� makes 89 recommendations which aim to:

• inject stability into the economy
• create the conditions for growth, and
• maximise the performance of the UK

At the heart of the proposals are measures to unleash the potential of local economies and leaders and enable every part of the UK economy to raise its game.

In addition Lord Heseltine has produced 鈥楴o stone unturned: chamber of commerce - international comparisons鈥�.

Lord Heseltine presented his report to the Chancellor of the Exchequer and the Business Secretary Vince Cable.

Initial response to the Heseltine review: 鈥楢 new partnership for growth鈥�

The government provided a first response Lord Heseltine鈥檚 review at 鈥楢utumn statement鈥� focusing on local economic growth with a fuller response to come in the spring.

The response sets a direction for the devolution of government spending to local areas and responds to other parts of Lord Heseltine鈥檚 recommendations. These include:

• empowering Local Economic Partnerships (LEPs) and devolution of some central funding streams into a single pot from 2015 onwards
• Regional Growth Fund; government will provide a further 拢350 million for the Regional Growth Fund, of which 拢100 million is being contributed from existing budgets
• Combined Local Authorities; government will support local authorities who wish to create a combined authority or collaborations, including ensuring the existing legislation is fit for purpose
• a package of regulatory changes to improve how regulations that affect businesses of all kinds are enforced; in addition, government will operate a one-in two-out rule on regulation from January 2013

Further information on the initial government response can be found in the 鈥楢utumn statement 2012 chapter 1b: growth鈥�.

Government response to the Heseltine review

On 18 March 2013 the government published its , accepting in full or in part 81 of Lord Heseltine鈥檚 89 recommendations.