All you need to know about The Northern Powerhouse
The Northern Powerhouse is a proposal to boost economic growth in the North of England by the 2010-15 coalition government in the United Kingdom. The Powerhouse consists of the main northern cities of Manchester, Liverpool, Leeds, Sheffield and Newcastle.
Today (22/02/17) The Northern Powerhouse Investment Fund worth £400m to SME’s has officially launched, helping growing businesses invest in production, R&D, and attracting new talent to their businesses. With every new hire so crucial to an SME’s success this money could help share the risk when attracting new employees, or hiring outside consultants and contractors to carry out work short term.
This money also gives businesses financial freedom to experiment with other methods of growing their teams such as choosing to hire apprentices. This benefits the younger workforce, they’re receiving top quality industry recognised qualifications from training providers such as Estio, gaining first-hand commercial experience to put on their CV and great job prospects for the future.
But where exactly is this £400 million going? ‘The £400m Northern Powerhouse Investment Fund, is designed to boost small and medium-sized enterprises (SMEs) across the North and help them realise their growth potential.’ Says Insider Magazine. The end goal of which will be to grow more corporate enterprises and a bigger, better economy in the north.
Initially announced in November 2015, the launch of the NPIF comes on the back of the British Business Bank’s recent Spotlight: The Northern Powerhouse Investment Fund reported which suggested the North contributes £350bn per year in gross domestic product (GDP) – close to one fifth of the UK economy.’
It’s predicted the funds will develop on this foundation by offering smaller businesses a better choice of funding, therefore producing greater levels of investment across the Northern Powerhouse.
Some of the projects created by the Northern Powerhouse include:
- Kirkstall Forge, Leeds – An opportunity to develop a new neighbourhood of 1,050 new homes, office space, retail, leisure and community space.
- Liverpool Waters, Liverpool – Offers sale of land to develop a full range of uses, as part of an overall £5 billion project which transform the city’s northern docks.
- MediaCity UK, Salford, Greater Manchester – Home to the BBC, ITV and more than 250 smaller creative and digital businesses, an investment would double the size of MediaCity UK, creating studio, office, residential and retail space.
Across the north of the UK, projects are springing up and creating a buzz among each of the industry sectors. In the north, everybody gets an equal chance to launch their business thanks to the funding for smaller companies and the interest in the larger businesses.
This article was written by Anthony McCawley, a Digital Marketing and Social Media Apprentice at Estio IT Apprenticeships.