How Jeremy Hunt can make Yorkshire Investment Zones work: Mike Thornton

At RSM UK, we are a national practice with strong regional roots, including 15 offices in the North of England. This enables us to adopt a local and personalised approach to support our clients locally, regionally, nationally and internationally.

News of the proposed locations for the Investment Zones is very much welcome, especially as two of these are expected to be located in Yorkshire, each receiving £80m in funding, potentially bringing a boost to the economy and opportunities for business development and growth.

To date, levels of investment in the North have been lower than promised, and from speaking with our clients in Yorkshire, there is certainly appetite for these zones to ensure greater connectivity between businesses and researchers. Specifically in Yorkshire, the Universities of Leeds and Sheffield are amongst the UK’s world leading research centres, sitting in the world’s top 100.

In addition to driving Research and development and innovation in the region, this partnership between industry and academic research expertise could also help to boost employment levels, wealth creation and upskilling in the north, which has been steady rather than stellar.

But this is only possible if partnerships and networks exist for collaboration, as well as ensuring zones are accessible by good public transport links and infrastructure. It’s vital the private and public sectors work together for a common goal.

In Leeds, we already have several measures in place, such as the Leeds City Region Enterprise Partnership, established to support local businesses and the workforce, and help the economy to thrive.

There’s definitely room for improvement for public transport networks and road infrastructures, so that businesses can attract and retain local talent, rather than encouraging a “brain drain” further south for work opportunities.

Improved transport would also enable the north to engage with international markets, while ensuring cities maintain their identities by retaining local people in the region.

However, I am aware that transport is a top priority for the Mayor of West Yorkshire, Tracy Brabin, and I look forward to seeing how this develops alongside investment zone activity. Similarly, greater connectivity could also dovetail nicely alongside freeports, therefore broadening the scope of opportunities for businesses across the north, although, it is not yet clear what the difference is between Investment Zones and freeports, or how these will work in tandem.

More aspects of the investment zone proposals also need further clarity. With a general election not far away now, businesses need to feel confident that this isn’t just a white elephant. Jeremy Hunt labelled this as “12 new Canary Wharfs”, but surely it will take far more than £80m of investment to make this work?

Similarly, the government has identified five priority sectors, which will be part of building the case for an investment zone, but this goes hand in hand with the government having an industrial strategy, which has been absent since Theresa May left office.

Make UK has already stressed the need for an industrial strategy, which I agree is essential to make investment zones work.

Mike Thornton is office managing partner for RSM UK in Leeds.