22  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  22  References Aghion, P and Howitt, P (1998), ’Endogenous growth theory’, MIT Press Andrews, D, Criscuolo, C and Gal, P (2015), ‘Frontier Firms, Technology Diffusion and Public Policy’, OECD Productivity Working Paper, available at: http://www.oecd-ilibrary.org/economics/frontier-firms-technology-diffusion-and-public-policy_5jrql2q2jj7b-en Barnett, A, Batten, S, Chiu, A, Franklin, J and Sebastia-Barriel, M ‘The UK productivity puzzle’, Bank of England Quarterly Bulletin 2014Q2, available at: http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q201.pdf Broadbent, B (2016), ‘The distributional implications of low structural interest rates and some remarks about monetary policy trade-offs’, Speech given at the Society of Business Economists Annual Conference, available at: http://www.bankofengland.co.uk/publications/Pages/speeches/2016/940.aspx CBI (2016), ‘Unlocking regional growth: Understanding the drivers of productivity across the UK's regions and nations’, available at: http://www.cbi.org.uk/insight-and-analysis/unlocking-regional-growth/ Clark, G (2016), ‘The importance of Industrial Strategy’, Speech given at the Institute of Directors annual conference 2016, available at: https://www.gov.uk/government/speeches/the-importance-of-industrial-strategy Draghi, M (2016), ‘Stability, equity and monetary policy, Speech given at the German Institute for Economic Research (DIW), available at: https://www.ecb.europa.eu/press/key/date/2016/html/sp161025.en.html Eurostat (2016), ‘Regional Yearbook 2016’, available here: http://ec.europa.eu/eurostat/web/regions/overview Haldane, A (2015), ‘Growing fast and slow’, Speech given at the University of East Anglia, available at: http://www.bankofengland.co.uk/publications/Pages/speeches/2015/797.aspx Haldane, A (2016), ‘Whose recovery?’, Speech given Port Talbot, Wales, available at: http://www.bankofengland.co.uk/publications/Pages/speeches/2016/916.aspx Hills, S, Thomas, R and Dimsdale, N (2016), ‘Three Centuries of Data - Version 23’, available here: http://wwwbankofenglandcouk/research/Pages/onebank/threecenturiesaspx HMT (2016), ‘Autumn statement 2016’, available at: https://www.gov.uk/government/topical-events/autumn-statement-2016 House of Commons (2016), ‘Industrial Strategy’, House of Commons Briefing Paper, available at: http://researchbriefings.parliament.uk/ResearchBriefing/Summary/CBP-7682#fullreport IMF (2015), ‘The New Normal: A Sector-Level Perspective on Productivity Trends in Advanced Economies’, available at: https://www.imf.org/external/pubs/ft/sdn/2015/sdn1503.pdf Institute for Public Policy Research (2016), ‘An industrial strategy that works for the UK: Framework and principles’, available at: http://www.ippr.org/publications/an-industrial-strategy-that-works-for-the-uk-framework-and-principles Krugman, P (1994), ‘The Age of Diminishing Expectations’, MIT Press May, T (2016), ‘CBI annual conference 2016: Prime Minister's speech’, available at: https://www.gov.uk/government/speeches/cbi-annual-conference-2016-prime-ministers-speech  23  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  23  Mayfield, C (2016), ‘How good is your business really?

4  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  4  6  The vast majority of national income – around three-quarters - is paid to workers in the form of wages. This means there is a close correspondence between the regional distribution of GDP per head and wages per household (Chart 2). The average weekly wage across the UK in the first half of 2016 was £ In the highest-wage region, again London, it is £ per week. That is around 40% higher than in the lowest-wage region, the East Midlands, at £ per week. These are, if you like, the red and blue car households. These regional differences in household incomes are mirrored in regional patterns of household spending and saving – spending on durables like houses and cars and savings in pensions and financial assets. Chart 3 shows the regional distribution of net wealth, based on the ONS Wealth and Asset survey of around 30,000 households. There is considerable dispersion, with the highest net wealth region (the South-East at £ per household) holding assets 2.3 times larger than the lowest wealth region (the North East at £  Turning from saving to spending, Chart 4 shows the regional pattern of car ownership. This also shows wide dispersion, broadly mirroring the pattern of regional wages. The highest car-owning region is the South-East, with 1.3 cars per household. The lowest, excluding London, is the North-East, at around 0.9 cars per household.