SPOTLIGHT: THE NORTHERN POWERHOUSE INVESTMENT FUND
SPOTLIGHT:THE NORTHERNPOWERHOUSEINVESTMENT siness-bank.co.ukBritish Business Bank@BritishBBank
2 BRITISH BUSINESS BANKCONTENTS3FOREWORD4EXECUTIVE SUMMARY6THE NORTHERN POWERHOUSE9THE NORTHERN POWERHOUSE INVESTMENT FUND16NORTHERN POWERHOUSE SUCCESS STORIES19HOW TO APPLY FOR NPIF FUNDING2022ANNEX A: OVERVIEW OF THE NORTHERN ECONOMYANNEX B: LEP–LEVEL ECONOMIC ANALYSIS
SPOTLIGHT: THE NORTHERN POWERHOUSE INVESTMENT FUND 3FOREWORDANDREW PERCY MP AND MARGOT JAMES MPThe Government is committed to building a Northern Powerhouse whichhelps the great cities and towns of the North pool their strengths and take onthe world. We are backing business growth and giving the whole of the Norththe power and resources they need to reach their huge untapped potential.The Northern Powerhouse is already home to morethan one million private sector businesses – over150,000 more than in 2010 – with the region’seconomy generating 19% of UK GDP. The NorthernPowerhouse Investment Fund, together with aseparate fund being set up specifically for the NorthEast, will further fuel the economy of the North andhelp to create an economy that works for everyone.The fund is the result of a unique and importantpartnership between the British Business Bank andthe ten Local Enterprise Partnerships in the NorthWest, Yorkshire and the Humber, and the TeesValley. It is an initiative that befits the strength,energy, and sheer potential of the North. As theMinisters responsible for Small Business and for theNorthern Powerhouse, we are excited about theopportunity this fund represents for those smalland medium sized businesses that, with the rightsupport, could transform the Northern economy.The Government has already invested 2.8 billionin Growth Deals into the Northern Powerhouse– providing targeted financial support to locallydetermined projects in order to unlock growth. TheNorthern Powerhouse Investment Fund, whichcombines European and domestic funding acrossthe North, will build on the success of these GrowthANDREW PERCY MPPARLIAMENTARY UNDERSECRETARY OF STATE,MINISTER FOR THENORTHERN POWERHOUSEDeals as well as its predecessor funds. Togetherwith a neighbouring fund being set up by the NorthEast Local Enterprise Partnership, over 500 millionof new investment will be facilitated to supportthe growth of small firms across the NorthernPowerhouse.As this report amply demonstrates, it makes goodfinancial and economic sense to pool resources andcollaborate across the North of England to helpincrease the availability of finance to SMEs. TheNorthern Powerhouse Investment Fund offers aprecedent and model for pan-Northern economiccollaboration, which will yield great dividends in theyears to come. It realises the Northern Powerhouseconcept for the smaller business community;it forges close relationships between the UK’snational development bank and strategic localeconomic development partners; and it offers apowerful catalyst for a narrative of regional successthat has the potential to become self-reinforcing.We are delighted to see that the British BusinessBank is driving this project forward with suchenergy and professionalism. We wish them andeveryone involved the very best, both for asuccessful fund and for a lasting economic impactacross the North of England.MARGOT JAMES MPPARLIAMENTARY UNDERSECRETARY OF STATE, MINISTERFOR SMALL BUSINESS,CONSUMERS AND CORPORATERESPONSIBILITY
4 BRITISH BUSINESS BANKEXECUTIVESUMMARYThe North of England has massive untappedeconomic potential. With a proud historyof driving global innovation and economicprogress, it now forms close to one fifth ofthe UK economy and is home to more highgrowth businesses than London. It is alsohighly diverse, boasting clusters of businessesranging from media to manufacturing and majorconurbations including Liverpool, Manchester,Leeds, Sheffield, Middlesbrough, Newcastleand Hull. Collectively, these clusters andconurbations have the potential to becomemore interconnected and mutually supportive,spreading capability and building a stronger,more resilient and more diverse regionaleconomy that benefits all parts of the UK.Even beyond these cities and large industrialtowns, every area in the North also has its ownindividual strengths.The Northern Powerhouse represents aco–ordinated policy approach to realising thispotential across the North. It seeks to harnessthe diverse opportunities available for theoverall economic benefit of the region – and thewhole country – by investing in infrastructure,devolving funding and powers to local leaders,and bringing financial resources to bear that willfacilitate regional economic growth to rival thatof London and the South East. Cumulatively,these initiatives will nurture an economicenergy and cultural vibrancy that really canpropel the North forward as a Powerhouse ofnational and international significance.The Northern Powerhouse Investment Fund(NPIF) of over 400 million is a key part of theGovernment’s drive to boost long term growthin the region. It aims to address gaps comparedto London and the South East as measuredby a number of enterprise and economicperformance measures identified in this report.NPIF will co–operate closely with a separatefund for the North East Local EnterprisePartnership (LEP), meaning that over 500million of new investment will be facilitatedwithin the Northern Powerhouse, growingthe smaller businesses that can form thefoundation of the region’s future growth. At thesame time, NPIF will help develop the businessnetworks and the wider ‘ecosystem’ that cansupport these firms as they grow and nurtureregional entrepreneurship for the long term.NPIF is a collaboration between the BritishBusiness Bank and ten LEPs in the North West,Yorkshire and the Humber and Tees Valley.1It combines the LEPs’ intimate knowledge oflocal businesses and economic conditions withthe experience and resources of the BritishBusiness Bank as Government’s centre ofexpertise in small business finance markets.
SPOTLIGHT: THE NORTHERN POWERHOUSE INVESTMENT FUND 5This is the first time that LEPs have pooled theirresources and collaborated on this scale to meetthe financing needs of smaller businesses. TheNPIF ‘fund of funds’ will allocate resources tounderlying ‘sub-funds’ which will offer earlyand later-stage debt and equity finance tosmaller businesses across the NPIF area. Withfunding from a range of European and domesticsources, NPIF will build on the platform createdby three smaller predecessor funds: FinanceYorkshire, North East Finance and The NorthWest Fund. NPIF will have more flexibility thanits predecessors to select investments from awider pool of recipients across the NPIF area,and will drive greater economies of scale bysimplifying its administration so that moremoney is available to invest.The British Business Bank will act as ‘fundof funds’ manager, procuring experiencedspecialist managers to deliver NPIF finance tosmaller businesses. Funds will be available forinvestment from early 2017 onwards, withan initial investment period of five years. TheBritish Business Bank will be accountable forensuring that NPIF maximises the economicimpact of the fund and leaves a lasting legacyfor the North. It will be overseen by a StrategicOversight Board representing the participatingLEPs and Government.NPIF will support new and growing SMEs,create jobs, and encourage entrepreneurship,helping to close the gap between the North’sperformance and that seen in London and theSouth East. The aspiration for NPIF’s legacyis both structural as it shapes and developsmarkets, and also cultural, as the resources,institutions, networks and aspirations requiredfor pan-Northern economic co–operation andcollaboration are embedded. NPIF is a key plankof the Northern Powerhouse initiative and ofthe Government’s broader industrial strategy,and the British Business Bank is proud to be apart of it. We look forward to realising its fullpotential in the years ahead.THE BRITISH BUSINESS BANKThe British Business Bank managesthe Government’s access to financeprogrammes for smaller businesseswithin a single commercially-mindedinstitution. It does not financebusinesses directly, but insteadprovides funds and guarantees toprivate sector partners, enablingthem to finance more businesses inturn. Despite the British BusinessBank being a relatively newinstitution, its programmes arealready supporting over 3.2 billion offinance to more than 51,000 smallerbusinesses and are participating ina further 4.6 billion of finance tosmall mid–cap businesses. Theseprogrammes are designed to bringbenefits to businesses at differentstages of their development: thosethat are starting up, those with highgrowth potential that are looking toscale up, and those looking to ‘stayahead’ in their market.Find out more about the BritishBusiness Bank, its programmesand delivery partners atwww.british-business-bank.co.uk.
6 BRITISH BUSINESS BANKTHENORTHERNPOWERHOUSEThe Northern Powerhouse defines anambition to narrow the historic North-Southdivide. The North of England contributessignificantly to the prosperity of the UK,forming 19% of the UK economy.2 However,it faces a number of long term economicchallenges including lower productivitycompared to the national average.3 TheNorthern Powerhouse is a key aspect ofthe Government’s approach to addressingthe productivity gap in the North andensuring a stronger, more sustainableeconomy for all parts of the UK. It doesnot aim to diminish London and the SouthEast, but to create a regional economy thatcompares with the Capital and the rest ofthe world’s leading regions.Historically, the North was a world leader atthe forefront of the Industrial Revolution. Itstowns and cities became synonymous withkey industrial sectors – for example Sheffieldfor steel, Manchester for cotton trades, andMiddlesbrough for the mining of iron ore. TheNorth’s products, skills and ideas have beenexported all around the world. Today, theregion is a centre of excellence for advancedmanufacturing, med–tech and life sciences andis fast becoming a digital ‘hub’.Despite the region’s strengths, as the globaleconomy has changed productivity in the Northhas fallen below the UK average. In this report,we present the latest comparative economicevidence, together with a range of indicatorsshowing the specific opportunities and challengesfor SMEs. As SMEs are a significant source ofgrowth and employment creation, addressingthese opportunities and challenges will be vital toimproving productivity.An Independent Economic Review of the NorthernPowerhouse area by SQW Ltd,4 supported byCambridge Econometrics and Steer Davies Gleaveand commissioned by Transport for the North, hasfound that skills, agglomeration, and innovationrelative to the UK as a whole go some way toexplaining lower levels of productivity togetherwith relatively lower employment rates. Thereview, published earlier this year, identified anumber of foci that could drive transformation inthe North, including: Developing four areas of prime capability– advanced manufacturing (especiallymaterials and processes), energy (generation,storage and low carbon technologies), healthinnovation (especially life sciences, med tech/devices, and service delivery processes) anddigital (computation, software design/tools,data analytics, simulation/modelling);
SPOTLIGHT: THE NORTHERN POWERHOUSE INVESTMENT FUND 7 Building three ‘enabling’ capabilities to enable the‘prime’ capabilities to grow and develop – financialand professional services, logistics, and education(primarily Higher Education); and Improving the North’s wider asset base, quality oflife, and image.It is clear that these measures build on considerableexisting potential across the region. 15% of businessesin the North are ‘high growth’, which is approximately thesame proportion as in other regions outside of London,and metropolitan areas such as Manchester, Liverpool andLeeds exceed the national average.5 There were moreregistered businesses that were high growth in the North(2,700) than in London (2,610) in 2013.6The North cannot of course be seen as one homogeneouseconomic area. It is home to 15 million people – almosta quarter of the UK’s total population. It contains anumber of major cities and towns including Liverpool,Manchester, Leeds, Sheffield, Middlesbrough, Preston,Newcastle and Hull (which will be the City of Culture for201711). As evidence in Annex B demonstrates, LEP areasin the North show particular strengths and weaknessesin their economic performance on a range of measuresof enterprise. Whilst Greater Manchester, Liverpool CityRegion and Leeds City Region all have a higher proportionof high growth businesses than the English average,Cheshire and Warrington and Cumbria have the lowestproportion of high growth businesses of any LEP areas inthe UK. Similar variations are seen in start–up rates acrossNorthern LEP areas, and in the proportions of businessesreporting finance as a barrier to growth.In addition to diversity across the region regardingnumbers of high growth SMEs, there is also sectoraldiversity. The Independent Economic Review of theNorthern Powerhouse, as well as highlighting areas offocus that could drive future growth, identified a numberof existing strengths including capabilities in AdvancedManufacturing, Energy, Health Innovation and the DigitalEconomy. Examples of these sector strengths are spreadacross the region. Within those successful industriesthere are a number of successful industry clusters, whichmake a significant economic contribution to the local andwider economy. These range from clusters of advancedmanufacturing in sectors such as automotive, aerospace,nuclear, pharmaceuticals and engineering to digitalcreative and media businesses in Manchester, Liverpool,Leeds, Sheffield and the North East.NORTHERN POWERHOUSE KEY FACTSPopulation715.1m23% of UKNumber of private sector businesses81.05m19% of UKSize of economy9 304bn19% of UKNumber of business births1068,00019% of UK
8 BRITISH BUSINESS BANKThere are also already examples of collaboration betweenclusters with, for example, the Northern Auto Allianceconnecting clusters in Teesside, Merseyside, Cheshire andLancashire, and the Northern Advanced ManufacturingInnovation Corridor between Sheffield and Lancashiresupporting SMEs in the key sectors of aerospace andenergy. Enabling these various strengths to developfurther, particularly with an emphasis on innovativetechnology, is likely to lead to improved economicperformance and positive spill over effects.12 But thisdevelopment will require sustained improvements in thewider business environment as well as an increase in thesupply of growth finance for businesses looking to expand.Against this backdrop, a consensus has developed amongpolicymakers that there needs to be a co-ordinatedapproach to addressing the North of England’s economicchallenges and build on its strengths. This pan–Northernapproach to policymaking gained further politicalmomentum when, on 23rd June 2014, the then ChancellorGeorge Osborne launched his vision for a ‘NorthernPowerhouse’ in which the North of England’s local areaswould work together to achieve greater economicdevelopment than they could achieve by acting alone.Since then, the Government has signalled its continuedsupport for the North of England with commitments toa number of initiatives across a diverse range of areas,ranging from investing in transport to devolving powersto local people through devolution deals. Key Governmentannouncements to date include: Investment in infrastructure to increase connectivity,including supporting the creation of Transport forthe North with the resources and leadership toensure this investment is well targeted. Governmenthas already backed Transport for the North withover 300 million of funding to take forward keyprojects such as the Northern Powerhouse railnetwork (sometimes referred to as HS3) to connectthe North’s major economic centres, and strategicimprovements to the region’s road network, includingthe proposed Trans-Pennine tunnel. Investment in science, education and the arts, fromthe 235 million Sir Henry Royce Institute to the new 20 million a year Northern Powerhouse SchoolsStrategy. 2018 will also see the Great Exhibitionof the North hosted in Newcastle and Gateshead,which will showcase the creative, cultural and designsectors across the entire region. Historic Northern Powerhouse devolution deals,devolving extensive powers and funding to give localareas greater control over transport, housing, skillsand healthcare, as well as the levers they need togrow their economy. From 2017, Liverpool City Region,Greater Manchester, Sheffield City Region, and TeesValley will have their own directly-elected mayors aswell as long term investment funds totalling over 3billion to boost local economic growth. Exposing investment opportunities to internationalinvestors, including promoting over 24 billion ofopportunities in the North to Chinese investorsand a commitment of 15 million to support furtherNorthern Powerhouse trade missions, including tokey emerging economies. A Northern Powerhouse Investment Fund (NPIF),which is the subject of this report and which,together with a separate fund for the North East LEP,will facilitate investment of over 500 million acrossthe region to help SMEs to achieve their growthambitions, revitalise local economies and create jobs.Chancellor of the Exchequer Phillip Hammond hasrecently reinforced this approach, commenting that:“The Northern Powerhouse project takes a visionaryapproach, linking the great cities of the North into acoherent economic entity, an interconnected region thatraises productivity and delivers growth by making it easierand cheaper for firms and individuals to move goods,people, and ideas. [ ] the Treasury, under my leadership,will continue to drive the Northern Powerhouse project,working in partnership with local leaders to see it deliver itspotential for people in the North.” 13The Prime Minister, Theresa May, appointed AndrewPercy MP as Government’s dedicated Minister for theNorthern Powerhouse and pledged to put “the wholemachinery of government” behind it.14 Greg Clark,Secretary of State for Business Energy and IndustrialStrategy, has also highlighted the importance of localgrowth to the Government’s Industrial Strategy:“In my view any successful industrial strategy has to belocal. Governments are fond of quoting national figures – ofeconomic growth, of productivity, of employment. But thetruth is economic growth does not exist in the abstract.” 15
SPOTLIGHT: THE NORTHERN POWERHOUSE INVESTMENT FUND 9THE NORTHERNPOWERHOUSEINVESTMENT FUNDThe Northern Powerhouse InvestmentFund (NPIF) aims to transform the financelandscape for smaller businesses in theNorth of England. By doing so it seeks toenable the region to realise its massivepotential to achieve economic growththrough enterprise.NPIF will provide over 400 million of lendingand investment directly to smaller businessesto boost economic growth and productivityin the Northern Powerhouse. NPIF will alsoattract additional private sector funding andcreate a sustainable ecosystem of high growthcompanies alongside the support network offunders and advisors that they need. We willmeasure success by the achievements of thebusinesses supported in terms of turnover,profitability and employment, as well as by thegeographical spread of funding across LEP areas.NPIF will support a wide range of firms atdifferent points in their development, fromearly-stage businesses seeking microfinance tohigh potential firms wanting to take advantageof growth opportunities. Encouraging highpotential firms is a particular UK challenge andan emphasis on equity funding may be neededto best support them, as discussed below.Whilst the UK performs relatively well in termsof creating new business start-ups, it is lesseffective at growing them
the growth of small firms across the Northern Powerhouse. As this report amply demonstrates, it makes good financial and economic sense to pool resources and collaborate across the North of England to help increase the availability of finance to SMEs. The Northern Powerhouse Investment Fund offers a precedent and model for pan-Northern economic
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The People’s Powerhouse puts people at the heart of the Northern Powerhouse agenda. What started on social media discussing gender imbalance at one event, soon became a focal point for many about the need to shift the focus of Northern Powerhouse discussions on physical infrastructure and economic growth. The People’s Powerhouse tapped into
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Northern Powerhouse Network Connectivity 34 7.1.6. Integration of NPR with HS2 35 7.1.7. A Vision for Northern Powerhouse Railfreight 36 7.1.8. Minimised Dependency on HS2 38 7.1.9. A Complete Vision for Northern Powerhouse Rail 39 7.1.10. Technical Excellence for the Northern Powerhouse 39
American Revolution: Events Leading to War To view this PDF as a projectable presentation, save the file, click “View” in the top menu bar of the file, and select “Full Screen Mode To request an editable PPT version of this presentation, send a request to CarolinaK12@unc.edu. 1660: The Navigation Acts British Action: – Designed to keep trade in England and support mercantilism .
