One of the most intractable problems facing the United Kingdom is its over-dependence on the South-east of England. A booming economy, and the revenues generated for the Treasury by the financial centre within it, have made this region among the most crowded in Europe. The resulting pressure on public services has been a headache for successive governments, who often privately suggested this was a problem without a solution.

Well, not so fast. Radical plans to boost the Welsh economy by creating tax incentives for people to move there, which we report today, need fleshing out. Wales offers a hugely attractive way of life. It is a country of exceptional beauty and heritage, with good healthcare, schools and open space. What it has lacked, like other victims of industrial decline, is jobs. If this proposal stimulates the Welsh economy, and so attracts entrepreneurial talent, it could be replicated elsewhere. That would be a result with national, and not just regional, merit.