Chris Wiltshire, the head of Arbuthnot Latham’s North West office, shares his thoughts on the Northern Powerhouse initiative, reflecting on the progress made and the steps needed to boost growth in the region. He views the concept as a recognition of the North’s vital role in driving the UK economy and an ambitious vision for an interconnected and thriving region that provides a counterbalance to London’s dominance.
A decade after the term “Northern Powerhouse” was introduced, Wiltshire acknowledges some positive changes, particularly in Manchester. The city’s growing tech sector, increasing foreign investment, and vibrant cultural scene are notable successes. However, he points out that significant challenges remain, especially the persistent economic disparity between the North and South. While infrastructure improvements have been made, they have yet to substantially reduce this divide, and recent decisions regarding HS2 and Northern Powerhouse Rail seem to indicate a shift away from the original vision.
The appointment of metro mayors has played a key role in driving the initiative forward. These mayors provide a clear point of leadership and accountability. In Manchester, Andy Burnham has focused on public transport and tackling homelessness, while Steve Rotherham has driven efforts in digital connectivity and green energy. Wiltshire sees these developments as important, though he believes more work is needed.
Looking to the future, Wiltshire suggests that a reassessment of the Northern Powerhouse’s original goals is essential, especially in light of current economic conditions. Reaffirming the initiative’s objectives could reignite enthusiasm and help make the vision a reality. In particular, he believes that a renewed focus on transport infrastructure could yield significant benefits, creating jobs, boosting productivity, attracting investment, and improving the region’s quality of life through reduced congestion and cleaner air.
Collaboration among Northern cities has improved, with metro mayors recognising that a united voice is more powerful in influencing decisions in London. However, Wiltshire hopes that regional rivalries will not hinder progress towards a common goal. For businesses like Arbuthnot Latham, the success of the Northern Powerhouse would bring increased economic activity, new investment opportunities, and enhanced financial expertise. Wiltshire is optimistic that the initiative will help accelerate growth in the North, benefiting businesses and communities alike.
Arbuthnot Banking Group PLC (LON:ARBB), trading as Arbuthnot Latham, provides private and commercial banking products and services in the United Kingdom. Founded in 1833, Arbuthnot Banking is based in London, United Kingdom.
