Thousands of jobs could be created with backing for North East, thinktank says

Report by ‘Northern Powerhouse Partnership’ singles out schemes in the North East for potential Government funding (September 29th).Major investment in cutting edge projects in the North East will create hundreds of thousands of new jobs and transform the region’s economy, a leading pressure group has said.The ‘Northern Powerhouse Partnership’, the organisation set up by former Chancellor George Osborne to drive his vision for the Northern economy, has called for the Government to make big investments in leading science and technology schemes in the region.Among the projects it highlights as being ripe for Government investment are ‘The Campus for Ageing and Vitality in Newcastle’, saying that £20m would support the redevelopment of the site into a mixed-use, urban development encompassing academic, residential, industrial and commercial users.It also wants £30m to develop a North East-wide 5G network to support the region’s high growth digital businesses, whose growth rates often exceed 100% per annum.The funding calls come in a report called Powerhouse 2050: The North’s Routemap for Productivity, which sets out a range of ways in which the North can close the productivity gap on the south and add £100bn to the national economy.The report has been compiled after a series of workshops for business leaders across the North, including sessions in Newcastle.The proposals in the report have been submitted to the Government for consideration in the forthcoming Budget.