Former HBOS CEO takes Northern Way role

FORMER HBOS chief executive Sir James Crosby has been appointed to chair a new commission to support greater private sector investment in the North of England.

He will lead the Northern Way Private Investment Commission which will aim to identify the barriers to greater investment in the North, and to make recommendations to government and local authorities as well as the private sector itself.

The Northern Way is the joint venture between the regional development agencies Yorkshire Forward, Northwest Regional Development Agency and One NorthEast.

Sir James, who is currently deputy chair of the Financial Services Authority, said: “I believe the North of England has a great potential for economic growth and prosperity, despite a more difficult global economic climate.

“By addressing the barriers to substantially greater private investment flows – wherever they arise – we can ensure that the good economic performance of the North is sustained and reinforced.

“I welcome the opportunity to lead this review, and to benefit from the insights and expertise of individuals and organisations with a stake in the North's future.”

John Hutton MP, Secretary of State for Business, Enterprise and Regulatory Reform, welcomed the formation of the new Northern Private Investment Commission at the Northern Way Summit in November 2007.

Commenting on Sir James' role, he said: “The economic development of the North depends on a flourishing private investment sector to support regeneration and new business investment.

“Sir James Crosby brings unique experience and expertise to this Commission. This appointment is a positive step forward and a real opportunity to show that the North is open for business. I will be interested to hear about the Commissions progress.”

The Commission will be made up of a small number of other high-profile and influential private sector individuals, who will identify opportunities to increase private sector investment on a “transformational scale”.

Neville Chamberlain, chairman of the Northern Way, said: “The economic development of the North will only be secured through sustained investment from the private sector. We are honoured to have such an influential figure as Sir James to lead our work in this area. The work undertaken by Sir James and the Commission will help the North of England to compete for attention in the global market place.”

Speaking on behalf of the North's regional development agencies, Margaret Fay, chair of One NorthEast, said: “We need to secure more private investment to fund infrastructure and regeneration and to invest in growing businesses. The three northern regional development agencies are already working together to develop this area, and we look forward to working closely with Sir James and the commission to ensure the North achieves the critical mass to attract significantly more private resources.”

Has the Northern Way seen the light? Read David Parkin's view by clicking here: http://www.thebusinessdesk.com/comment.html