What is Britain's growth strategy?

  • Author, Paul Mason
  • Role, Economics editor, Newsnight

From the Acme newswire: "HSBC is to pull out of London. It announced this morning that four out of five of its business units are to move to Germany, ripping the heart out of the City of London and triggering thousands of job losses.

Image source, PA

Image caption, The train maker says more than 1,400 jobs will now be cut at its Derby plant

"All five major broadsheet newspapers called for the chancellor to resign; several junior ministers have resigned; urgent meetings have been scheduled this morning aimed at averting what television commentators are blaming on "long term neglect of banking" by both the coalition and Labour when in power.

"The Treasury was said to be offering immediate tax breaks and regulatory forbearance to the bank. Negotiations are being handled by a junior minister who was once a senior banker."

Now substitute the word Bombardier for HSBC, Derby for London, manufacturing for banking.

And tell me again what Britain's "growth strategy" is?