IN 1984 Mr Merchant was my O-level economics teacher at St Michael’s Comprehensive School, in Billingham. He explained that, fundamentally, knowledge of the four means of production was the key to understanding the economy.

The current obsession with migration considers just one of those four means of production, namely labour.

This obsession is highlighted in the post-Brexit debate that seems to suggest that immigration is the the reason for inequality in our economy. At the weekend I heard a politician say how London needed more migration to resolve a shortage of labour.

I regularly hear politicians blame migration or praise free movement. Both positions fail to recognise that politicians need to be seeking answers to the other two movable means of production – capital and enterprise – as the fourth means of production, land, is obviously immovable.

We need a national strategy that moves capital to areas of the economy that are struggling. We also need to promote enterprise through education and incentives.

When 30 years ago, when Norman Tebbitt told people in the regions of the UK to be like his father and get on their bikes to find work he expressed the failure of economic policy to recognise that all four means of production are levers for change. It’s about time that failure was reversed.

Government has a role in developing a strategy for production and that needs to have capital and enterprise at its heart. That strategy could better share out our wealth.

If capital is moved from London that will create growth and prosperity that will support a thriving country with good employment opportunities for all our citizens. The movement of capital will also serve to promote enterprise and make better use of land.

Richard Bulmer, Sheffield.