ON MONDAY, the NECC will publish Fit for the Future. This report takes a detailed look at the infrastructure we have in the North East and how to maximise it to reap the greatest possible rewards.
The North East is the only region in the UK that still sells goods to the rest of the world on a net basis and we have the space and infrastructure to do so on a far greater scale than we currently do.
We make recommendations on where and how we can play to our economic strengths in this area.
I’m at pains to point out that this is not a begging letter – far from it. Fit for the Future includes praise, criticism and advice for policymakers. But the undoubted message is that the North East requires a level playing field.
Put us on an even footing with the rest of the UK for transport funding, for which we receive less infrastructure investment per head of the population than any other region in the UK.
There is an imbalance in our electricity transmission infrastructure, for which North East generators are charged nearly 30 times more to access than their South Eastern counterparts.
Current legislation is causing huge damage to the energy-intensive industries which make up around a quarter of our economy and this must be addressed, as must tax policy that places a disproportionate amount of pressure on air links from our regional airports.
In return we must be able to prioritise what our infrastructure needs are in an effective way – in the past we have failed to do this in a way that stimulates growth for the largest possible number of people and businesses.
We have praised the Government’s commitment to rolling out broadband. However, funding is being released too incrementally and some local authorities are not engaging with the private sector in planning how and where to spend public money on this crucial asset.
The North East economy has perhaps never been so diverse and dynamic. There are abundant opportunities across a range of sectors such as renewables, process industries, digital innovation and manufacturing.
The key to success will be links to existing and emerging markets.
The greatest potential for the North East lies in our ability to get our goods to global markets in a fast and cost-effective way. It is our existing and future infrastructure that will enable this – and the related wealth and job creation that comes with it.
:: James Ramsbotham is chief executive of the North East Chamber of Commerce
