
For decades, London has been allowed to grow exponentially, attracting talent and investment and centralising business opportunity to within the boundaries of the M25. Meanwhile, outside of London, business growth has been far more restricted and there is a feeling that relative economic decline in the North is inevitable.
However, whilst it is encouraging to see the government now finally giving the North?s potential the attention it deserves, it must be considered as to how the full potential of great cities like Birmingham, Manchester and Leeds can be realised. Local decision-making will inevitably lead to a better public framework and support network for businesses in the North to take advantage of, helping them to reap the benefits of the UK?s appeal for inward investment. With decision-making responsive to the needs of local businesses???instead of blanket policy implementation from Westminster???the local economies of Northern cities will be able to arm themselves with the best tools relevant to prosper.? In addition, investment in infrastructure, transport links and education, both in-school and adult education, will make the North a more attractive place for businesses, and their workforces, to be based. Another significant step forward for businesses located in the North will be the retention of business rates, a scheme already being piloted in some local authority areas. Furthermore, a study by the Centre for Cities has also found that local business rates could increase the amount of floor space available to business, which is greatly needed for growth in cities outside of London.? Read more about the North:- North of England dominates Regional Growth Fund allocations
- North East holds its own in number of private equity and venture capital-based companies
- Entrepreneurialism and productivity lacking in the North
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