Since the launch of Northern Powerhouse’ in 2014, £13bn has been invested into transport and 287,000 jobs have been created in the north of England.
The region has seen billions of pounds worth of economic growth, the creation of tens of thousands of jobs, and money and power being transferred away from London. The government is looking towards the next five years to build on the progress that has been made so far and to provide more opportunities for those living in the North West region.
Jake Berry, minister of the Northern Powerhouse, commented: “The Northern Powerhouse is more than a plan for the future, it’s a story of success. From record investment in transport to more than £5 billion in devolution and growth deals across the North we are making progress towards re-balancing our economy, but we are determined to do even more to make sure the whole of the North can reach its full potential.”
With an economy worth more than £340bn, the north’s economy has increased by £10bn in since 2014. Transport has seen major improvements and will continue as the government is putting £3bn towards HS2, Northern Powerhouse Rail, and the TransPennine route, which includes connectivity for Manchester, Leeds, Glasgow and Newcastle.
Additionally, the number of foreign direct investments in the north has approximately doubled to over 1,000 for the past nine years. This helped created more than 40,000 jobs alone and put the Northern Powerhouse on the international stage. Property investment in the north has even seen increased interest from overseas investors.
The “Core Cities” of the Northern Powerhouse include Manchester, Leeds, Liverpool, Hull, Sheffield, and Newcastle. These cities have seen a great deal of regeneration and investment in the past few years and are expected to continue to see even more.
what Prime Minster announced last week including the funding and a commitment to fund the new line between Leeds and Manchester to really transform and unlock the economic potential is a completely new approach from the Government.
More regeneration, investment and the creation of additional jobs in the Northern Powerhouse will continue to boost the region. Further growth will help the north become an even more liveable region and bring more people to live, work, and invest there.