Strength of the initiative of the Northern Power House
The strength of the initiative
When the Northern Powerhouse initiative was introduced it had clarity of purpose and vision. However, it also raised some thoughts. For example…
If the cluster of cities in the North West could be better connected, with with residents in Leeds and Manchester in particular. Of course not forgetting Liverpool, Sheffield and other surrounding towns brought together in a single labour market. What powers would those cities need in order to deliver on this vision?
Questions?
This prompted many questions. Such as:
How could we create a “Greater London” urban system in the North?
How could we scale it to compete globally on growth, trade and investment?
What would be the gains locally, regionally and nationally?
Answers
We did not have to wait long for answers.
For example a major new devolution deal announced for Greater Manchester and infrastructure projects. Such as those like the High Speed 3 to better connect it with Leeds proposed to kick start delivering on this vision.
Favouring
But, as ever in politics, clarity comes at a cost. Particularly when it means appearing to preference some places or people over others.
Most notably, the rolling out of ‘Manchester-like’ devolution deals to other parts of the North has been badged as being a key part of the Northern Powerhouse.
While these deals are important for individual places. They don’t necessarily bring us any closer to achieving the initial aims of creating a “Greater London” in the North.
And, even if Liverpool and Sheffield will now benefit from devolved powers. It seems the Leeds City Region, one of the areas most fundamental to the Northern Powerhouse, is without a devolution deal.
Progress to date…
It is fair to say that there has been some progress in six years. The major success of the Northern Powerhouse has been in devolving power to mayors and creating transport for the North.
Strengths of the initiative since 2014:
- 5 ‘metro mayor’ elections have been held – in Greater Manchester, Liverpool City Region, Tees Valley, Sheffield City Region and the North of Tyne.
- 47.1 per cent of the North is now governed by a Mayor.
- 69.6 per cent of the North is now covered by a combined authority.
- Transport for the North – a new regional transport organisation – has brought forward a £70 billion investment package.
The strength of the initiative in property
Now, seen as we are all about property at I Squared Property. We have to mention that over half of Britain’s best buy to let postcodes are in the Northern Powerhouse!! How amazing is that?
In a recent study looking at the best buy to let postcodes in the UK for rental yields, over half of the postcodes were in the Northern Powerhouse. Liverpool’s L7 postcode was top, but Manchester, Newcastle and Sheffield were all in the top 25 too.
Alternative Investments
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We will keep bringing you up to date information about Sheffield, I Squared Properties and what we are up to and new developments we are taking on.
Speak soon
Laura and James