Following on from the Autumn Statement last month, David Cameron and George Osborne have been in Manchester to set out their economic plan for North West England. George Osborne has promised substantial investment of a further £7 billion in the North.
Transport and logistics seem to be the main focus on developing the “northern powerhouse” with the aim to invest in the North’s roads. To reduce traffic jams, there will also be new trains with 20% more capacity, alongside the development of High Speed 3 (high speed rail link between Manchester and Leeds).
For business, there is a lot to gain from this announcement. With the investment in transport, the North will become a more attractive place to live and work. Another long term aim is to raise the employment rate in the region by creating new jobs through supporting the growth of new businesses. With funding available this goal looks to be very achievable.
Tim Mills, Corporate Finance Partner at PM+M said “This is an excellent plan on paper but care must be taken to ensure all parts of the region benefit.”
The North West is a great place to set up a business and with the continuing investment in the area it is an ideal time to re-locate or launch a venture.
If you would like more information on funding options please contact Tim Mills, PM+M Corporate Finance Partner.