Business leaders call for Northern industrial strategy
Northern businesses have set out a 12-point Industrial Strategy which they believe will drive up productivity, unlock billions in private investment and improve the long-term economic environment.
The Invest North report is a confident, pragmatic statement about the opportunities and investable propositions that are ready to be unlocked.
The private sector-led initiative presents a strong and unified business voice that has engaged with Northern leaders and policymakers over several months. It also builds on work done previously, including the Convention of the North and the Northern Powerhouse Independent Economic Review.
The Invest North report sets out 12 policy recommendations, which focus on four prime capabilities of sectors that will drive prosperity – energy and net zero, manufacturing and materials, digital and culture, and health innovation – alongside cross-cutting proposals.
It has honed in on measures that set the challenge that if both regional and national decision-makers undertake these certain specific industrial policy recommendations alongside greater access to private capital and key interventions to improve productivity, then that will improve the lives of those in our places, benefitting communities across the North of England.
The report is being launched at an event in Parliament on Wednesday that will share the recommendations with invited poiticians in front of a business audience.
The Invest North project was established to bring together the voice of Northern businesses and direct it so that the opportunities and the needs could be better understood both within and beyond the region.
It was led by TheBusinessDesk.com and supported by Lloyds Bank, Northern Powerhouse Partnership, Phoenix Group, and Squire Patton Boggs.
From the outset the intention was to focus on Northern leaders and voices who knew the opportunities and challenges from unlocking investment best of all, and around 150 organisations contributed to the discussions which helped shape the report’s recommendations.
Eleven round tables were held across the North of England, as the key issues facing businesses were explored at events in each Local Enterprise Partnership area.
The round tables brought together the North’s political leaders, including metro mayors and council leaders – to political thinkers alongside senior economic and business participants from industry, property, investment and economic development, as well as the education and culture sectors.
Prof Juergen Maier, vice-chair of the Northern Powerhouse Partnership: “We wanted an honest, forward-looking conversation about the investment opportunities here in the Northern Powerhouse – to build on our strengths, define what we can do better, and make sure we are building a strong sustainable future economy.
“There was a really strong sense from both business leaders and mayors that this should be a confident and positive exercise to develop our very own Northern Industrial Strategy, led by the North, for the North.
“The ideas set out in this report are ambitious but achievable, private sector led, but and supported by local government central government.
“Investors need certainty and that means moving towards delivering a long-term vision for the Northern economy, supported by ambitious local industrial strategies, and putting an end to short-term, short-sighted decisions.”
Prew Lumley, managing partner of Squire Patton Boggs in Leeds, said: “Through the Invest North project, we have had the opportunity to bring the voice of businesses in the North to Whitehall.
“It has allowed us to share their views on policy reforms that will allow the North to deliver economic growth and increase its contribution to GVA. Businesses have called for changes at local government level to enable greater devolution of central budgets in order to stimulate investment and support a pipeline of talented and skilled individuals who can deliver for the future.
“We share in their hopes that current and future governments realise and act on the need to prime the regions, facilitate access to private capital and rebalance the country. All of which is necessary to ensure that the North achieves its full potential.”
Mike Eakins, chief investment officer at Phoenix Group, said: “The Invest North project is an extremely important and necessary piece of work to bring to life the strengths and opportunities for the North of England.
‘What we have seen in all our conversations over the last nine months is the abundance of opportunity in world-class sectors which will be the catalyst for growth in the future, giving the UK a strong platform to improve local areas, as well as export around the globe.
“Phoenix is delighted to play our part in helping understand issues and unlocking investment. We have the ambition to invest up to £40bn in sustainable and productive assets to support economic growth, levelling-up and the climate change agenda, without compromising policyholder protection in any way.
“This report helps us better understand how we support these agendas, and helps forge a path forward which will ultimately improve the compelling business case for investing in the North of England.”
Steve Harris, regional director, North of England at Lloyds Banking Group, said: “Lloyds Bank is delighted to support the release of the new report from Invest North. Unlocking the potential of the Northern economy, by shaping finance as a force for good, is at the core of our strategy and we’re pleased to have facilitated this important debate.”
“Shaped by regional voices for local economies, the report makes an important and valued contribution to the ongoing debate on the economic future of the North. The recommendations show how regionally focused strategies and working in partnership can ensure the right solutions deliver the productivity gains to create sustainable, long-term growth.”
“There is no quick fix to achieving this, but we hope the measures outlined, if undertaken, will unlock the North’s potential as the place for investment that will create more jobs and opportunities, and boost the wider UK economy”
Alex Turner, joint managing director of TheBusinessDesk.com, said: “The recommendations from Invest North show businesses aren’t looking for handouts but for a handover of more powers to local leaders to enable responsive, timely and targeted action.
“They want to be part of the solution, to work with metro-mayors and the public sector to collaboratively improve the economies and communities they work and live in.
“The North is ready to unleash its ambition and confidence, to fully drive change to the benefit of the UK as a whole.”
Visit investnorth.thebusinessdesk.com to find out more about the Invest North project.
