Despite predictions of World War III, the economy crashing, an emergency budget with swathing tax increases, higher mortgages, etc etc. all appears to going well with our country and the economy seems to be picking up again.
There’s no budget until October, as usual, tax has stayed the same, mortgage rates are actually predicted to fall, the stock market has regained it’s pre-referendum levels and we’re all still here.
Even better news – a revolution in digital technology, health innovation and advanced manufacturing is predicted to add £97bn and 850,000 new jobs to the economy in the North by 2050.
The transformation is forecast in the Northern Powerhouse Independent Economic Review, published today (Thursday June 30).
The major review outlines the way the North could be key to closing a major gap in productivity, generating new jobs and enhancing global competitiveness.
John Cridland, the chair of Transport for the North said: “This review clearly identifies that, if the right investment and focus is put into these capabilities, and the infrastructure is there to support them, then 1.56m new jobs could be generated by 2050.
“Close to a million (850,000) of these will be directly attributable to the success of the Northern Powerhouse and we would expect productivity (GVA) to be 15% higher than currently which, in itself would represent a major step-change for the North.”
Transport for the North, the new body that will have statutory authority for long term transport investment strategy in the North, commissioned the Northern Powerhouse Independent Economic Review on behalf of the Northern Powerhouse partners to provide a clear picture of the economic landscape of the North in a national and global context and identify the major opportunities for economic growth.
Analysis has shown the North lags behind the rest of the UK, and in particularly behind London, in terms of productivity and jobs.
The North currently produces £4,800 less GVA (Gross Value Added) per person per annum and over £22,000 less per person than London.
Yet it contains twice as many people as London (16m) and has clear potential to be a globally competitive region.
The review has identified “capabilities” in which the North is a world leader.
These already account directly for 30% of the North’s jobs and 35% of its GVA and have clear capacity to drive future growth.
The North’s four prime capabilities are advanced manufacturing, digital development, health innovation and energy.
These are supported by three enabling capabilities that are vital if growth in these areas is to be successfully nurtured – education, logistics and financial and professional services.
It is the first time such a comprehensive report has been commissioned for the North, and it marks a landmark development in the evolution of the Northern Powerhouse, not least because this report is owned collectively by the North itself.
Cridland said: “This review will be fundamental for future planning. Central to powering the North’s future economy will be an efficient high capacity transport network capable of fully mobilising the workforce between the Norths key economic heartlands.”
Commercial Secretary to the Treasury, Lord O’Neill said: “It (the review) represents a hugely important milestone for the Northern Powerhouse and supports this government’s commitment to rebalance the economy.
“As the Chancellor (George Osborne) has said, the referendum result is even more of an instruction to deliver on our work to build a Northern Powerhouse and so it is hugely encouraging that the region’s leaders are working together to set out their long term priorities.”
Northern Powerhouse Minister James Wharton said: “We are committed to bringing together the great cities and towns of the North to become a powerhouse for our economy.
“This review shows how this could create hundreds of thousands of jobs and deliver a multibillion-pound boost to the economy right across the Northern Powerhouse.”
Sir Richard Leese, leader of Manchester City Council, said: “This independent economic review highlights the collective strength and potential of England’s great northern cities and will inform the work which is taking place between those cities and Government to come up with a single agreed economic strategy for the Northern Powerhouse.
“This will establish priorities around transport connections across and to the north, skills and employment, trade and investment, innovation and science and – where appropriate – housing to ensure the north can live up to its full potential.
“The prevailing economic uncertainty following the EU referendum result makes it even more essential that northern cities are given the tools and investment to work together to create the jobs and opportunities the region needs and help rebalance the nation’s economy.”
The Northern Powerhouse Independent Economic Review was formally launched to business leaders and public officials from across the country in one of the North’s most iconic landmark buildings, the Royal Liver Building on the banks of the Mersey, during International Festival for Business 2016, taking place at the Exhibition Centre Liverpool.
Ed: Remember, believe what you see for yourself – not what you’re told by the media or politicians!