Northern Powerhouse to benefit from Industrial Strategy proposals

Jan 24, 2017 | Latest News |

Government has published its vision for a modern Industrial Strategy that builds on the UK’s strengths, closes the productivity and wealth gap between different regions and drives growth more evenly across the country.

In its Green Paper, Building our Industrial Strategy, the Government defines three fundamental challenges Britain must face up to now, and in the future:

  • Build on the UK’s strengths and extend excellence into the future
  • Close the gap between Britain’s most productive companies, industries, places and people and the rest
  • Make Britain one of the most competitive places in the world to start or grow a business

To meet each of the three challenges set out, the Strategy outlines 10 key pillars of focus to be discussed as part of a 12-week consultation period, inviting contributions from industries, businesses, local groups and workers across the Northern Powerhouse.

Monday’s The Green Paper launch follows the announcement of a significant funding boost for the Northern Powerhouse of £556 million through the Local Growth Fund, so Local Enterprise Partnerships can help create jobs, support businesses and encourage growth.

In addition to the £2.9 billion the region has already been awarded, this Northern Powerhouse funding will provide targeted financial support to locally determined projects in order to unlock growth.

“This is an important step in building a modern, dynamic Industrial Strategy that will improve living standards and drive economic growth across the whole country. A modern British Industrial Strategy must build on the UK’s strengths and extend excellence into the fut the gap between the UK’s most productive companies, industries, places and people and the rest; and ensure we are one of the most competitive places in the world to start and grow a business.

 

“Through our Industrial Strategy and investment in the Northern Powerhouse we plan to build on these local strengths and create new opportunities and jobs in other industries and sectors.

 

“We are inviting businesses and workers to contribute to this vision to help us create a high-skilled economy where every place can meet its potential.”

 

Business and Energy Secretary Greg Clark

With a clear ambition of creating an economy that works for everyone, the Green Paper contains a number of proposed announcements set to benefit the Northern Powerhouse such as:

  • Making Britain a global leader in free trade, so companies continue to make major commercial investments predicated on our continuing industrial success, as Nissan has done in Sunderland
  • Building on the work Transport for the North is doing bringing together planning across the region to develop plans for a west-east rail link and supporting key transport investments, such as the M60 North West Quadrant, and providing development funding for Northern Powerhouse Rail
  • Improving access to finance for businesses right across the country to grow, including through the Northern Powerhouse Investment Fund
  • Supporting world-class research and innovation strengths in local economies, such as the National Graphene Institute in Manchester – the national centre for graphene research in the UK
  • Capitalising on our strengths in the modern energy market, like offshore wind, so businesses such as Siemens in Hull can win a substantial share of the global market
  • Investing in skills so there are enough engineers in the region to support the thriving offshore industry

“As part of efforts to deliver an economy that works for everyone, the Government is equipping local people with the resources they need to drive forward local growth.

 

“That is why we’re giving £556 million of new money to the Northern Powerhouse to give businesses the support and opportunities they need to achieve their potential – on top of the £2.9 billion we have already awarded”.

 

Communities Secretary Sajid Javid