Set up ‘clearing houses’ to promote industry, says Federal Reserve

Yorkshire should set up “clearing houses” in city centres to showcase regional innovation in manufacturing to international investors, an official at the US Federal Reserve has suggested.
Chicago at nightChicago at night
Chicago at night

Rick Mattoon, senior economist at the central bank, revealed that Chicago is creating a “digital innovation space” with public and private funding.

Like Yorkshire, Chicago is trying to transform its post-industrial economy into a powerhouse for advanced engineering.

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Speaking during a visit to Leeds, Mr Mattoon told The Yorkshire Post: “You have to think in a globalised market, a person who is coming to an area needs some specific place where they can go and understand what the competitive proposition for why they should be an investor in your area without necessarily having to pick and choose.

“If you happen to miss the right factory on the tour you don’t know it exists so you have to create this clearing house environment where this information is explained.”

He said: “It also ties in the necessary related business services because what a lot of these businesses need is people who can do specialised intellectual property law, specialised accounting for operating in different markets.”

Mr Mattoon added: “It also helps with the workforce problem. What we are finding is for young people they overwhelmingly want to live and work in cities and if you can create a space where you can show them this can be an urban option it is easier for you to attract your workforce into that area.

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“In many cases we find the young new graduates, which many people are competing for, don’t want to work in a suburban location. That makes it easier for recruiting the necessary labour for your success.”

Mr Mattoon spoke at an event on the future of manufacturing hosted by Leeds and Partners.

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