Value of Northern transport links ‘stupendous’ - Bank of England boss

The Transport Select Committee today reveals the extent to which the North is shortchanged when it comes to investment.
The Transport Select Committee today reveals the extent to which the North is shortchanged when it comes to investment.
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The North’s economy is performing better than many in the south believe, a senior figure at the Bank of England has claimed.

Martin Taylor, who sits on Bank’s Financial Policy Committee, told The Yorkshire Post that the economies of the likes of Leeds had been “transformed” in recent years and that improved connectivity was a key factor in growth.

Mr Taylor, a former Barclays chief executive, told The Yorkshire Post: “I always think when I come to the cities and rich agricultural regions [in the North] that it is performing a lot better than many people in south believe. But there is a lot more that can be done.

“I am always very interested in the development of links across the North of England. I remember what happened when M62 was built. The amount of inter-regional trade that started once you improved the infrastructure links was stupendous.”

When asked if investment in Northern transport infrastructure should be prioritised Mr Taylor said: “The Bank is not the Department of Transport, it really isn’t our business. I underatnd that Government has choces to make and does not have unlimited funds but I know from my own experiences of routes in the north just how important these links are.

“You invest where it is neccessary.”

Martin Taylor from the Bank of England pictured at West One, Leeds.4th July 2018 ..Picture by Simon Hulme

Martin Taylor from the Bank of England pictured at West One, Leeds.4th July 2018 ..Picture by Simon Hulme