@urlyman
Yes.We've said similar, in a little more detail).
https://steadystatemanchester.net/2017/06/21/policies-for-the-city-region-serialised-part-8-jobs-and-income/
See section 8.1

(There is a later version of all this but in pdf form: https://steadystatemanchester.net/wp-content/uploads/2020/02/the-viable-economy-revision-for-2nd-edn-v2.4-final.pdf )