The news for re­gional jobs in Bri­tain was not good last week. The col­lapse of Flybe will have se­vere con­se­quences for eco­nomic pros­per­ity in smaller com­mu­ni­ties, with about 2,000 jobs at risk at the re­gional air­line. Bar­clays an­nounced last week it would close a ma­jor of­fice in Leeds, with the out­right loss of more than 200 jobs. Both of these de­vel­op­ments over the past week are in­struc­tive of a wider trend in Bri­tain, the most unequal coun­try for re­gional pros­per­ity among large wealthy na­tions.

Maybe the Great South West shouldn’t just be pitching to government – Owl

 Business analysis The Observer 8 Mar 2020

While Boris John­son has pledged to “level up” poorer re­gions to bring them closer into line with the rest of the coun­try, it is equally im­por­tant that the coun­try’s big­gest com­pa­nies play their part.

Lloyds Banking Group has a slo­gan that risks sound­ing as empty as John­son’s: “Help­ing Bri­tain Pros­per”. Yet the UK’s big­gest mort­gage lender has an­nounced plans over re­cent weeks to axe about 780 jobs and close 56 branches across the coun­try. The news adds to a dis­ap­point­ing trend since the fi­nan­cial cri­sis, as the bank has ef­fec­tively halved the size of its work­force to about 70,000. Thou­sands of re­gional roles have van­ished.

Lloyds Banking Group has a slo­gan that risks sound­ing as empty as John­son’s: “Help­ing Bri­tain Pros­per”. Yet the UK’s big­gest mort­gage lender has an­nounced plans over re­cent weeks to axe about 780 jobs and close 56 branches across the coun­try. The news adds to a dis­ap­point­ing trend since the fi­nan­cial cri­sis, as the bank has ef­fec­tively halved the size of its work­force to about 70,000. Thou­sands of re­gional roles have van­ished.

Banks and other big firms have off­shored re­gional Bri­tish jobs to eastern Europe, In­dia and else­where, un­der pres­sure from share­hold­ers to boost their prof­its at the ex­pense of lo­cal com­mu­ni­ties. Vir­gin Money – which has merged with the soon-to-be re­branded Cly­des­dale and York­shire Bank – is in the process of sac­ri­fic­ing 500 roles and 52 branches on the al­tar of share­holder value. Di­rect Line will cut 800 jobs from its 11,000-strong work­force as part of a £60m cost­sav­ing drive. All these il­lus­trate the in­creas­ingly lop­sided na­ture of the UK econ­omy, ex­ac­er­bat­ing di­vi­sions be­tween small towns and big cities.

Banks and other big firms have off­shored re­gional Bri­tish jobs to eastern Europe, In­dia and else­where, un­der pres­sure from share­hold­ers to boost their prof­its at the ex­pense of lo­cal com­mu­ni­ties. Vir­gin Money – which has merged with the soon-to-be re­branded Cly­des­dale and York­shire Bank – is in the process of sac­ri­fic­ing 500 roles and 52 branches on the al­tar of share­holder value. Di­rect Line will cut 800 jobs from its 11,000-strong work­force as part of a £60m cost­sav­ing drive. All these il­lus­trate the in­creas­ingly lop­sided na­ture of the UK econ­omy, ex­ac­er­bat­ing di­vi­sions be­tween small towns and big cities.

For too long, jobs have been lost in re­gional com­mu­ni­ties as big busi­ness pulls back to metropoli­tan cen­tres. Lev­el­ling up should be about more than just the pub­lic sec­tor – pri­vate en­ter­prise must play its part.