What is the Northern Power House
Sheffield City Centre
I hear you. What is the Northern Power House?
Back in 2014 George Osbourne announced a pledge to reinvigorate the North West. Ever since, the cities within the project have seen rapid growth. They have enjoyed regeneration through investment from the government’s scheme. The initiative was designed to help improve the economic prospects of Northern cities and it is working.
The project combines the Northern Powerhouse Investment Fund, the Northern Powerhouse Partnership, the European Regional Development Fund and Local Enterprise Partnerships (LEPS).
At the heart of the Northern Powerhouse sits countless investment opportunities for investors to get involved with.
The idea behind it?
Ok, so the idea was to push these once forgotten North West cities into the limelight. So far, this has been successful.
The scheme aims to reposition the English economy away from London and the South East.
In practice, this will mean significant investment in improving transport and trade links.
The plan was to put technology, science, sustainability and health at the forefront of the scheme for economic advancement.
It has to be said, since implementing various strategies, Sheffield and other Northern cities included in the scheme have enjoyed vast improvement through infrastructure and investment opportunities. So, it is clearly working.
Who’s in Northern Powerhouse?
Known as the capital of the North of England, Manchester, has benefited greatly from the Northern Powerhouse strategy. However, there are six other ‘core cities’ at the heart of the project too. These being Liverpool, Leeds, Newcastle, Hull, and of course Sheffield.
The Northern Powerhouse has led the way in terms of attracting regional investment in the UK. But what is it?
Change the way people live and work
The idea behind the Northern Powerhouse was to change the way people live and work, as well as the economic landscape of the North.
By building a Northern Powerhouse, we will be able to boost the local economy, investing in skills, innovation, transport and culture.
Decisions in the North are to be made by the North. This gives northern cities the power and resources needed to allow them to reach previously untapped potential.
Creating more jobs
Over the next 15-20 years, the initiative could create an additional 850,000 jobs, adding £100 billion to the economy by focusing on creating a modern transport system, supporting world leading industries and growing the skills base in the North.
The Northern Powerhouse is home to a number of top universities, bringing great skills and talent to the regions. The university of Sheffield ranked 117th in the world and 14th in the UK according to the 2020 Times Higher Education World University Rankings. Sheffield also came in at number 45 out of 500 universities in Europe.
This shows how Sheffield has a well deserved position with in the Northern Powerhouse Strategy. The more people that attend Sheffield University and experience the vibrant culture and interesting heritage, leads to people staying in our city. Thus creating more need for properties.
Sheffield
Sheffield has its roots in the regional cities across the North. It is clear to us that there are huge benefits to creating stronger relationships between the northern cities and the areas around them, economically, culturally and socially.
Currently, the cities have changed and developed and they are all doing incredible things. However while it is great that each city is becoming bigger and still growing. Unfortunately, none are that big in global terms.
The success of the Northern Powerhouse in the future will depend on collaboration between the cities. This means bringing together our complementary and world class offers, for instance in relation to health and life science, digital and big data and advanced manufacturing.
At the heart of Sheffield our vision is to help make our great city regions greater and to ensure our plans are fully aligned with those of our city regions. We are supporting this by providing the right science and tech facilities to enable businesses to start up, scale up and grow into national and global companies.
We are in a period of disruptive change for the North which matches the disruption and rapid change we are witnessing in all walks of life. This disruption may bring uncertainty, but it also brings huge opportunity for the future of the Northern Powerhouse, its people and its businesses.
Exciting times
The whole Northern Powerhouse Strategy is very exciting for the future of Sheffield. The need for properties and investment.
If you have money to invest you want it to work for you don’t you? Property could be the way for you.
We work with you…
What we do is work with our investors. This gives you the confidence to know your money is working for you.
You will not be getting negative rates, put it that way!
If you want to have a conversation with us. Just get in touch here.
Be back soon
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