IoD announces new Northern Powerhouse initiative as Theresa May appointed Prime Minister

Following the appointment of Theresa May as the new Prime Minister, the Institute of Directors has announced a new blueprint for a ‘business-led’ initiative to attract new investment for the Northern Powerhouse.

In a joint statement, Jonathan Oxley, Mike Perls and Graham Robb, the chairs of the IoD in the Yorkshire and the Humber, the North West and North East respectively, have urged businesses to become “heroes” of the Powerhouse.

Following the publication of the ‘Transport for North’s Independent Economic Review’, the trio have identified several industry clusters that will will play a significant role in boosting the next stage of Northern Powerhouse, including advanced manufacturing, health innovation and fintech.

In a joint statement, they said: “In the current climate of political change the IoD is sending out a signal that business not only wants to see action to rebalance the economy but is willing to play its part.

“We believe the Northern Powerhouse has the potential to create globally significant, functional economic clusters. Transport infrastructure will be an enabler of this objective but it is long term and is not the entire solution. Business leaders have a critical role to play right now and must move to fill the political vacuum and take ownership of this initiative.

“We need to move away from a geographically competitive environment between cities and regions to a more collaborative, cluster-led approach. We will act as a catalyst for business-led, cluster-specific missions led by inspirational leaders.

“Across the North of England business has the talent and ability to compete in all sectors and by working with Government, UKTI and our colleagues we will be able to demonstrate Northern business prowess across the globe.

“In the coming months we will be announcing specific, cluster-based activity and calling on business leaders to take part and set the direction that our new Government should follow.”

This marks the first time that all three regional IoD chairman in the North have come together for a joint initiative.

Each industry cluster will be led by individuals who have previously worked with education providers and international partners. Each cluster leader will have set objectives and a timetable to deliver them.

The other sectors completing the IoD Powerhouse strategy are: life sciences, nuclear, renewables, e-commerce, artificial intelligence, digital healthcare and financial and professional services.