NW Growth: Transport investment key to economic success
THE North West’s long-term economic prospects will be transformed through better transport links, particularly High Speed 2, according to a new report.
Boosting the North West’s Economy, produced by TheBusinessDesk.com in association with Barclay, heard from leading regional business figures that east-west transport investment is also vital to rejuvenating growth prospects. Click here to download the report .
Baron Frankal, director of economic strategy at New Economy Manchester, said in an era of weak growth, regions must determine their own future by thinking strategically and with ambition.
He said: “We could have a national economy like this for the next 10 years but within that, can we create business confidence? A lot of early stage business does drain down to London – the way to mitigate that is to build confidence around the economy locally and with High Speed 2 coming, and what’s going on at the Graphene hub, things are very positive.”
At the end of January, the government unveiled plans for the northern arm of its £33bn High Speed 2 rail link. On the western leg of the Y-shaped link frm Birmingham there will be stations at Manchester Airport and also in the city centre.
Damian Waters, regional director of the CBI in the North West, believes this is a vital step forward: “This is real investment – not money that has been taken from another project – but also there is huge economic advantage to be had from greater connections in the North.
“People think HS2 is about faster travel times to London. But more important is the much needed capacity it will bring – from a passenger and freight perspective.”
But many question why HS2 will take so long to deliver – lobbying efforts are already under way to bring it forward.
Baron Frankal says, “Don’t build it from London up but at both ends. We need to make that case strongly and make sure it happens. Also, there is a significant risk that it goes to Birmingham and then stops – that could happen.”
Perhaps even more important and urgent than HS2 is the serious need to improve the links between northern towns and cities and its east/west links, making it easier to do business between northern cities.”
To download the full report, click here.
