Spread word of the Northern Powerhouse

We now have a dedicated Minister for the Northern Powerhouse and progress is tangible – only last week there was an early Christmas present for the Liverpool City Region in the shape of a £900m devolution deal with the Government. But with figures showing low levels of awareness and understanding of the Northern Powerhouse, there is clearly more to be done.

Across financial and related professional services there is widespread support for the Northern Powerhouse. It’s a common thread in conversations I have with local, national and international firms across Yorkshire.

So it was encouraging to hear the Prime Minister announce, during last month’s UK visit of Chinese President Xi Jinping, that the Northern Powerhouse has “Chinese backing”. Welcome recognition from an important trading partner.

However, new research out last week by the BBC and ComRes found that 44 per cent of people across the North of England had never heard of the Northern Powerhouse. A further 20 per cent said they had heard the phrase, but knew nothing about it.

Given the impact that it could have on the lives of every single person across the North of England, it is critical that the potential benefits are understood loud and clear. Our industry, financial and related professional services, has a big role to play in making sure this happens. Let’s not forget, this is an industry that in Yorkshire and the Humber alone accounts for nearly 6 per cent of all employees and almost 10 per cent of Gross Value Added to the economy.

People right across the region will become more engaged with the concept of a Northern Powerhouse when they can see it happening around them. Take the new consultation on improving connectivity around Leeds-Bradford Airport.

I know from personal experience that travelling from Wakefield to the airport, especially by car, can be a challenge at times – a feeling I’m sure many readers will share. 

Improving road, rail and air links is critical for the region to boost its international attractiveness. Firms from China, Europe and right around the world will find Yorkshire and surrounding counties a better place in which and with which to do business if it’s easier to reach and to travel around. The potential impact of better links to Leeds-Bradford is the Northern Powerhouse in action.

Businesses can help increase awareness and understanding. We know that when it comes to matters of great economic and social significance, the public values the voice of business.

It’s not our job to tell people how to vote or act, but we can present the evidence – in this case, to show how initiatives like the Northern Powerhouse could transform the North of England for the better.

In the last few days we’ve heard not just of the Liverpool devolution deal but one for the Midlands too. I am sure business leaders will be listening intently to the Chancellor’s Autumn Statement this week for any further details.

The Northern Powerhouse has blazed a trail in this regard, and we must keep the momentum going to make the Chancellor’s economic vision a reality. We have a real opportunity to enthuse, educate and ultimately deliver; let’s grasp it.

All have a part to play

At the end of 2013, financial and related professional services employed nearly 129,000 people across Yorkshire and the Humber.

As well as major clusters of employees in major centres like Leeds (over 40,000) and Sheffield (nearly 18,000), over 50,000 work across the region’s smaller towns and villages. This is in an industry with a presence on high streets across the region.

Major infrastructure projects to boost the North of England’s economic competitiveness will require the support of Yorkshire’s 37,000 banking employees, 14,000 in insurance, 23,000 in accounting and 20,000 in legal services –– among many others. In their own way, they will contribute to the Northern Powerhouse vision becoming a reality.