Stronger collaboration between northern leaders and Government is vital to make the North of England a top investment destination and raise living standards, according to a new briefing from IPPR North.
The think tank argues that UK economic success depends on northern growth. Closing just half of the productivity gap between the North and the rest of the country could increase national output by around £30bn a year.
IPPR North says the new mayoral-led Great North partnership, representing an economy of 16 million people, can play a central role in building investor confidence and strengthening the region’s voice nationally and internationally. It calls for a pan-northern financial mechanism to share risk and reward, a dedicated investment board, and a pipeline of investable projects.
Zoë Billingham, director of IPPR North says: ‘A strong North stands together. The deepening and broadening of powers to mayors and strategic authorities gives them the opportunity to work more powerfully together.
‘The Great North Partnership builds on years of collaboration through different institutions at the pan northern level and provides a renewed opportunity for collaboration. This must be in partnership with the public finance institutions, particularly the National Wealth Fund, which is set up to help drive regional prosperity.’
