Transforming the North’s Economy
Transport for the North (TfN) wants to build on the North’s existing strengths to create a vibrant and growing economic region that retains and attracts the best talent, acts as a magnet for inward investment and becomes one of the world’s most competitive economies.
Investment in transport infrastructure is essential to creating a transformed integrated Northern economy that is greater than the sum of its parts. This requires investment in the North’s transport networks to better connect the major urban centres and economic assets of the North to market opportunities, including talented staff, suppliers, collaborators and customers, at home and abroad.
TfN exists to further these economic ambitions and provide a coherent and integrated approach to strategic transport planning that supports local economic growth. With the support of local authorities and businesses from across the North of England, TfN has developed as a strong and inclusive partnership, committed to drive forward the economy of the North through transformational investment in our transport infrastructure.
The prize for the North is a better performing, more unified economy that could add more than £37 billion in real terms to the North’s existing output of £289 billion per year if the vision of the North as a super-productive network of modern city regions is achieved. To do so will require long term planning and investment periods, robust and stable governance, supported by funding commitment from HM Treasury and city regions.
An Independent Economic Review (IER) of the North’s economy was commissioned by TfN and undertaken between late-October 2015 and March 2016. It identified four prime capabilities of the North that have the potential to compete on the national and international stage. These are advanced manufacturing, energy, health innovation and digital. These primary capabilities are supported and complemented by three enabling capabilities which give the North a distinctive offer and can help to unlock the region’s economic potential. These are financial and professional services, logistics and education (primarily higher education).
A copy of the Northern Powerhouse Independent Economic Review Core Messages is available by following this link.