Sky is the limit for Yorkshire as North prospers

The column inches that have been dedicated to debating what the future holds for the Northern English economy would probably stretch the length of the Pennines. It is heartening to see and hear the great potential of regions like Yorkshire being discussed on the national stage, especially when the main question being asked is such an important one: how do we build a healthy and prosperous North of the future?

Last month, we saw the City Growth Commission set out its recommendations for how cities across the UK can create strong, inclusive and sustainable growth for the whole country.

It emphasised the importance of connectivity in the North and explored the potential for a ‘super city-region’ across the region called ‘ManShefLeedsPool’ – not sure it will catch on. Perhaps ‘Lemasol’ could be a better option?

The Deputy Prime Minister’s Northern Futures initiative, which has been asking people to share ideas on how to create an economic core in the North that can compete with the biggest cities in the world, culminates on Thursday at an event in Leeds during which a way forward will be agreed. Over the last week, the Government has also given its backing to ‘HS3’ proposals, drawn up by Sir David Higgins, which intend to improve rail links across the North of England.

The North is firmly on policymakers’ radar at the moment. And with George Osborne expected to place the future of the North at the centre of his Autumn Statement on December 3, this focus doesn’t look likely to shift anytime soon.

So what needs to happen next? And, what should the agenda for Yorkshire and the North more broadly look like to ensure high-value jobs and economic growth in the decades to come? Clearly, these are questions that go beyond business, but business has a fundamental role to play in both contributing to these answers and taking some action.

I welcome this dialogue, because the future strength of the region is important not just for the people and businesses who reside here, but for the country more widely.

Research we have undertaken at TheCityUK shows that while London’s status as a global financial centre is an asset for regions such as the North, the relationship between London and the North is a symbiotic one. Strong regional economic hubs like Yorkshire increase the global appeal of London, widening the talent pool and offering growth opportunities to firms looking to invest in the UK.

Yorkshire is already benefiting from this with Leeds now being the UK’s second largest city for banking. Financial and related professional services contribute almost 10 per cent to Yorkshire’s economy and in the next decade, the industry is expected to account for over a quarter of employment growth.

Where does this fit with the big question of how to ensure the ‘Northern powerhouse’ that so many are keen to see is delivered?

At the very least it tells us that the region’s status as a hub for financial and professional services is important and should be supported and developed.

We should also be encouraged by what Yorkshire has already achieved: a strong entrepreneurial culture; world-class universities; and a wealth of international firms that make Yorkshire a great place to live, study and work.

As a proud Yorkshireman I know that the sky really is the limit when it comes to what this region can deliver. Not just for its people, but also for what it can contribute to the economy more widely.