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The geography of the industrial revolution in Britain was shaped in part by the corrupt, rentier economy of London in the eighteenth century. The various by-laws, regulations and tax regimes in and around London largely precluded the establishment of new industrial processes. This drove industrial investment to the midlands, and especially to the steep and narrow valleys of Yorkshire, Lancashire and South Wales, where there was abundant water-power to drive the new industrial machinery. The need to efficiently pump water provided the impetus for the development of steam, driving industry forward.

From Does Britain Exist by Tim Watkins. You often hear about regulations constricting growth and leading innovation to happen elsewhere, but I think this is the first time I can remember someone citing a specific example.

Thanks to the Browser for the recommendation