The Government has been urged by Lord Heseltine to spend more money on boosting economic growth in the regions.
The former minister wants the coalition to produce a long-term strategy for economic growth, including firm commitments against which it can be held to account.
In a series of recommendations, Lord Heseltine said the Government should allocate up to £250,000 of new public funding to local enterprise partnerships (LEPs) over the next few years.
The 228-page report, entitled No Stone Unturned, also recommends that local authorities should have a new legal duty to consider economic development.
A new national growth council should be established, chaired by the Prime Minister, with a cross-government focus on driving growth and wealth creation, said the report.
Growth funds administered by different government departments should be brought together into a single pot for local areas, it was suggested.
Terry Scuoler, chief executive of EEF, the manufacturers' organisation, said: "This review is a welcome recognition that all parts of government need to get behind companies that are looking to grow to create the stronger economy we need.
Shadow business secretary Chuka Umunna said: "Labour has led calls for an active Government approach to support business and underpin regional growth. It is good to see Lord Heseltine echoing this in his report.
"We hope that ministers will take Lord Heseltine's proposals seriously, although the briefing against the report from within Government in recent days suggests they are unwilling to listen."
Business Secretary Vince Cable said the root-and-branch review raises a number of important issues.
He added: "Lord Heseltine's findings show where government can improve its performance in delivering better interventions.
"We will now need time to consider its numerous recommendations and will respond in the coming months."
Chancellor George Osborne added: "This is a report bursting with ideas and we will study it very carefully."