Report warns about massive cuts in spending

Jan 16 2010 by William Green, The Journal

The Journal’s Great North Revolution Campaign has been highlighting how the region is leading the world in the development of electric vehicles, green energy, manufacturing, digital and bio-medical products.

Prof Parkinson said: “After a very good period, much of the North has been badly affected by the crunch and recession.

“Many good people are doing many good things on the ground to limit the potential economic, social and physical damage to places in the North.

“We have shown many examples of what is possible even in adversity. But often their levers are limited and their resources declining. It is crucial policymakers nationally and locally do all they can to sustain the gains made in the North and to limit the damage threatened by the worst credit crunch and deepest recession in living memory.”

Prof Parkinson is calling for further reforms to financing and delivery of those projects with the strongest potential to deliver economic gains from new jobs, industries and regenerated communities.

Proposals also include the creation of a Northern Investment Bank to provide finance for regeneration schemes.

A long-term strategy aligning national transport priorities – like new high-speed rail line – with local and regional priorities should also be developed, Prof Parkinson said.

Hugh Morgan Williams, chairman of the Northern Way steering group, said: “This report is a compelling and inspiring call to action. It couples realism about the scale of the challenge and the tough choices we face, an understanding of the serious constraints facing private sector developers and investors, with practical examples of how we can move forward.”