Northern Powerhouse reaches five year milestone as government plans ‘ambitious strategy’
The government is looking ahead to its ‘ambitious’ strategy as the Northern Powerhouse reaches five years since its launch.
Former Prime Minister, Theresa May, commented: “We launched the Northern Powerhouse to support a thriving Northern economy and ensure this country works for everyone. Five years on, our pledge is stronger than ever.”
Since its launch in June 2014, the UK Government has worked to redirect funding away from Westminster to the North and increase opportunities for people, businesses and communities.
According to government figures, the economy of the North is now worth more than £339 bn – a £10 bn increase in real terms – and supports an additional 287,000 people in employment, as well as investing in education, cultural projects and international trade.
Mrs May continued: “But there is much more to do, which is why it must remain a top priority for government to do all it can to unlock the North’s vast potential, so that both at home and on the international stage the Northern Powerhouse continues to thrive.”
Future plans for the North include an upcoming £3bn investment into the Trans-Pennine route as well as support for the much-anticipated HS2 rail project.
Northern Powerhouse Minister Jake Berry MP said: “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 rebalancing our economy but we are determined to do even more to make sure the whole of the North can reach its full potential.”
Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →
Enjoy the read? Get Bdaily delivered.
Sign up to receive our popular North East morning email for free.