Experience Invest considers the future of the Northern Powerhouse
- 23 Aug 2019
- In the press
Five years ago, George Osborne, the chancellor of the exchequer at the time, announced the Northern Powerhouse project, the aim of which was to drive economic growth and development in the North of England.
A lot has happened in Britain during the years since that announcement was made, and the administration in charge now is very different to the coalition government in place back in 2014.
As new prime minister Boris Johnson sets out his plans to take the country forward in the coming years, Jerald Solis, business development and acquisitions director at Experience Invest, has looked into what his appointment could mean for the Northern Powerhouse plan.
Research by the Institute for Public Policy Research (IPPR) North found that overall employment in the region has increased by approximately seven per cent, compared to the UK average of just over six per cent.
Economic growth in the North has reached 10.7 per cent in the past five years, while the rest of the UK, excluding London, grew by 9.7 per cent.
However, there are also areas with clear scope for improvement, such as transport. IPPR North found that transport spending in London has increased by £330 per person since 2014, but investment in the North has only risen by £149 per person.
What the experts say…
As far as the future is concerned, Mr Johnson has said he wants to be “the prime minister who does with Northern Powerhouse rail what we did with Crossrail in London”.
Mr Solis welcomed the Northern Powerhouse being back on the government agenda, but also said the country will be waiting to see “concrete action” to back up the prime minister’s promises.
He added: “With private developers constructing new-build developments in high-growth cities like Liverpool, Manchester and Leeds, there is a clear societal demand for these cities to boast state-of-the-art developments and modern infrastructure. By complementing this with clear government leadership and investment, the future of the North will have no bounds.”
If you would like to find out more about the Northern Powerhouse, download the Experience Invest guide A Region in Transition: The Northern Powerhouse five years on.
For more industry insights, visit the Experience Invest In the Press section of this website.