Industry hubs ‘can help North to grow’

An EY survey of 32 leaders at high growth entrepreneurial businesses based across the North West, found that 38 per cent of respondents put the creation of hubs at the top of their wish lists for the next administration.

The results for Northern leaders come in contrast to those for entrepreneurs surveyed nationwide, 21 per cent of whom place a reduction in the levels of corporation tax as the top priority for the next government.

That is followed by 14 per cent who rate an extension to tax relief measures as the second most important issue.

EY surveyed 150 entrepreneurial business leaders across the UK.

The firm asked them to select and rank in order of importance the areas that they believe the next Government should prioritise to fuel growth.

Simon Allport, North West Senior Partner at EY, said: “Dynamic entrepreneurs help to create jobs and growth.

“Delivering a supportive environment that allows them to fulfil their vision can create more confidence in the market and strengthen our economy.

“We saw new and extended Enterprise Zones introduced in the recent Budget, and the results of our survey suggest that Northern entrepreneurs see hubs as a crucial way to foster growth and innovation across the UK.

“Potentially supported by newly developed infrastructure and increased local decision making powers, industry hubs could prove to be an important ingredient in balancing the UK economy and perhaps boosting the competitiveness of the North in the long-term.”

Mr Allport added: “History has shown us that investment in hubs can help to support growth of specific industries and their supply chains.

“MediaCityUK in Salford, the offshore industry in the North East and the Humber Enterprise Zone in Yorkshire are just some examples of emerging, successful hubs in the North of England.”