National Business Stephen Farrell

Glenn Bemment

Improving transport infrastructure and ensuring skilled graduates remain in the region are key issues for the Northern Powerhouse initiative, according to a regional director at Lloyds Bank.

Glenn Bemment, head of the North, Mid Corporate, at Lloyds Bank Commercial Banking said the Northern Powerhouse initiative often means different things to different people.

"For some, the focus of the Northern Powerhouse is to improve transport links, whereas for others it's about promoting what northern cities have to offer, so that we can attract and retain the best skills and talent to support the existing businesses and future growth and sustainability,” he said.

"For me, the Northern Powerhouse is all about how we connect. It's given leaders across the region a platform where we can discuss and collaborate on issues affecting our communities and businesses. Together we now have a louder and collective voice to ensure our messages are being heard in London and overseas."

Bemment said progress had been made through initiatives such as Export Awards and the Northern Powerhouse Fund but more could be done to support businesses, with transport and skills among the key issues.

"Speaking to company leaders across the region, many still believe that more can and should be done to support their growth and are looking to the Northern Powerhouse committee to make sure their interests remain top of the agenda. At Lloyds Bank we're also working to ensure that businesses across the region have the support they need to thrive. That’s why we've pledged to lend £3.4bn to businesses across the north this year.

"However, transport remains the major issue for the cities across the north. Accessing those cities by both road and rail remains a real struggle for many. Transport for the North, the governing transport body for the North of England, has committed to invest £70bn in the road and railways to help solve this issue, but with plans still in the consultation period, only time will tell what the true impact will be.

"With plans to improve transport links now in their initial stages, enhancing access to skills will be the next big challenge. Sheffield, Manchester, Leeds, Newcastle and Liverpool all have universities that are among the very best in the country, producing high-quality graduates that have a huge amount to offer. But according to figures from WPI strategy, around a third of new graduates move to London every year. This is a huge amount of talent, and the onus should now be on leaders and businesses to work together with universities to retain these skills in the North."

Bemment also emphasised the role played by metro mayors and the region's local enterprise partnerships (LEPs).

"The election of the metro mayors has been a positive step towards providing a stronger voice to the region. Andy Burnham, Steve Rotheram and Ben Houchen are energetic characters with ambitious agendas. We have seen on many occasions all three mayors working successfully to champion pan-northern issues, while ensuring that each of their respective cities still has an individual identity and voice.

"Connectivity across the north has improved dramatically in the past few years and the work of the 11 Local Enterprise Partnerships and the Northern Powerhouse committee have supported this progress. It's encouraged collaboration between cities across the north of England, providing the frameworks and structure they need to work together on important issues. There is so much more to go for if we continue to foster collaboration between businesses across the region."

Bemment added that boosting the northern economy would benefit the whole of the UK, boosting business confidence and value and providing jobs for people across the nation.

"Although the Northern Powerhouse has had an impact, more still needs to be done as, according to research from TUC, London and the South East will still produce 40 per cent of the nation's output by 2020," he said.

"Business leaders and politicians now need to work together to ensure that they're doing what's needed to attract and retain companies to the region, providing opportunities for people across the north and helping to stem the flow of skills to London and elsewhere."