The six-point plan includes increasing the long-term growth rate of the area to at least that of the rest of the UK through the establishment of a northern powerhouse with the potential to generate an £18 billion real terms increase in the economy by 2030.
It also intends to make the region a global centre for scientific innovation, focusing on energy, supercomputing, biomedicine and material science, while working to raise employment rates to that of the average in the UK. This will be done through support of the private sector and backing investment in businesses and new start-ups.
David Cameron said: “When you get [a] critical mass of people – it amplifies jobs and ideas and businesses. The cities and towns of the north of England can have that critical mass. If we back their scientists and innovators, if we back their thriving cultural life … and give them powerful elected voices, then we can create a northern powerhouse.”
This comes as the Confederation of British Industry revealed that economic growth in the UK steadied in the three months to December, although the pace did remain above average and it is now expected that it will increase in speed over the next three-month period. This could have a positive effect on those businesses looking at funding avenues for expansion this year.
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