Structural economic change

• Cycles of growth and decline are linked with technological innovation which provide good conditions for growth
• Half of venture capital in us is in silicon valley and has lots of rich and is resistant to downturns in economy
• Core region of uk encompasses most of the major cities
• Recession is where gdp falls for 2 consecutive quarters
• People on low incomes are more affected bu recession
• Government can reduce inequality through taxation planning subsidies education and law
• Government spends 1180 bn on public services state pension and national debt
• Levelling up scheme was to create growth in deprived areas and more deprived areas were given more funding per head 100 in wales and 25 in london
• More than 1 bn is committed to 50 education projects in the north west with 200mn spent on further education and hopes of 90% school leavers to reach expected standards
• 20mn invested for medical college in bolton to lower inequality in life expectancy which is 5 years lower in north with hopes of improving staff shortages and train 3700 students
• 1 bn grant to improve greater Manchester public transport to create jobs and links
• HS2 brings 17500 jobs to northern areas in construction and 100s of highly skilled permanent jobs and is 96 bn investment