The aim of the Northern Powerhouse was to boost economic growth in the North of England’s ‘core cities’ to rebalance the UK economy away from London and the South East. Four years on from the announcement, has the Northern Powerhouse kept to its word by delivering across transportation, innovation, skills and culture?
Transport for the North
Whilst money has been pumped into the Northern infrastructure there is little in way of tangible evidence of huge leaps being made over the past 4 years. However, it would be a mistake to dismiss the Northern Powerhouse project as a failure already in relation to connectivity and transport. The creation of Transport for the North (TFN) in 2015 was granted statutory powers in April this year and can now be regarded as the Powerhouse project’s civil service.
Employment opportunities
Continued investment from the Northern Powerhouse into the region and blossoming industries such as tech, media and digital means there are career opportunities available which once weren’t. In 2016, 25% of the working age population were 16 to 24 year olds with a degree or equivalent from a Northern institution. The Northern Powerhouse appear to be retaining talented students and helping them into jobs made possible by growth and innovation.
Property in the North
Back in June we discussed the effect the Northern Powerhouse was having on the housing market. Research concluded that the property industry in the North has seen impressive growth over the past four years, with many people attracted by affordable property prices and employment opportunities.
Fast forward four months and the Northern Powerhouse is in the midst of a building boom. Manchester itself has undergone 9,127 building projects and cities including Leeds, Salford, Liverpool and Wigan have seen considerable residential growth too.
Lord Jim O’Neill, vice chairman of the Northern Powerhouse Partnership, commented, “It has been clear for some time that parts of the Northern Powerhouse, in particular the North West, are actually doing far better than people seem to think; even outperforming London in some areas.’
Is the Northern Powerhouse on track?
Some experts believe that the Northern Powerhouse isn’t quite firing on all cylinders, particularly now that HS2 could be shelved as it battles Crossrail.
It is quite possible that the path the Northern Powerhouse has taken today isn’t exactly what George Osborne had in mind. However, given that the North of England has spent much of its history in the shadow of the south, reversing this does not have a quick fix.