What a Northern Powerhouse in Yorkshire means to: Kris Wigfield of Wilson Field Ltd in Sheffield

As Bdaily’s Northern Powerhouse series continues to give the business people of Yorkshire the opportunity to voice their opinions on the the government’s Northern Powerhouse initiative, we speak with Kris Wigfield, associate director at Wilson Field Ltd in Sheffield.

What do you think the Northern Powerhouse will do for Yorkshire?

It will help the North prosper and redress the imbalance with the South. Currently London’s Gross Value Added (GVA) per person = £42,666 compared to Yorks & Humber c.£20,000. London is a hub with all resources focused. In the North our cities and facilities are dispersed and fragmented. An improved infrastructure will help improve productivity and drive up GVA for the region, but it will take time.

What will the Northern Powerhouse do for Wilson Field?

As licensed insolvency practitioners and commercial finance brokers, Wilson Field operates nationwide and we do quite a bit of business in the South. Better communications can only make our clients and markets more accessible. It will also bring more businesses to the North and inevitably some will need our services.

Has the government done enough to convince you of its commitment to Osborne’s vision?

According to the Institute for Public Policy Research (IPPR) £spend per resident on publically funded infrastructure in London is £5,426 compared with £581 in Yorks & Humber.

Capital expenditure on the Crossrail will be 9 x greater than all three northern regional railways. Clearly London is being subsidised by the rest of the country. Investment is key to improving productivity and plainly London is getting the lion’s share.

Mr. Osborne? “Could do better”

The Government needs to give firm assurances that HS2 will go to Sheffield (to Sheffield City Centre, not Meadowhall) and that HS3 will link Sheffield directly to Manchester and just via Leeds.

Connectivity has been a major driving force behind the Northern Powerhouse. Do you believe that spending billions on infrastructure will improve the economic climate in the North?

Yes – infrastructure underpins modern economies and has a huge multiplier effect on GDP. Better transportation doesn’t just mean accepting delivery of raw materials and then delivering finished products to customers, it also enables workforces to be more flexible, making commuting more practical. And it stretches beyond the transport of physical objects – data transfer and internet speeds are still much slower in rural areas compared to speeds in the London area.

What, if any, other sectors/industries should the government key in on to achieve a Northern Powerhouse?

Whatever the industry a big challenge in the future will be having the right workforce, so we need to continue pumping resources into training. Where skill shortages exist, sponsored inducements and motivation to relocate would benefit.

Are there any other areas which you believe money should be spent on, ahead of transport?

We need to sell ourselves to attract people to the North by promoting what we have to offer and educate people both from the UK and abroad. I’m thinking of investors, tourists, and entrepreneurs to set up businesses here. Despite television, the internet and low-cost travel there are still people who have not ventured north of Watford and believe it to be a wilderness!

As with Sheffield, should the other regions in Yorkshire try to strike a devolution deal with the government?

Clearly devolution empowers local people to make local decisions, so it makes sense to go for it. Equally important is that northern cities work in collaboration rather than in competition to maximise benefits. In a spirit of co-operation the northern cities can pool their skills and specialisms, improve productivity, share best practices – and thrive.

Will the Northern Powerhouse be realised in Yorkshire?

Yes, the determination, tenacity and “can-do” attitude of the people will ensure it happens.

Thank you Kris.