Could the North West become the UK’s growth and productivity leader by 2035?
A call to action
Growth 2035 is a Deloitte led initiative which aims to deliver inclusive and sustainable growth for the North West. It sets out an ambitious and thought-provoking vision for the future of the region identifying which sectors and market factors will accelerate the local economy.
Regional growth is the holy grail of economic improvement across the UK. There’s been a huge expansion of graduate jobs and employment opportunities across Greater Manchester alone in the first quarter of this century, which is helping to keep talent in the region.
Andy Burnham, Mayor for Greater Manchester
Speaker at the NW Growth 2035 event
Poised for growth
The North West is a rich and diverse region which given the right conditions and investment could enable a return to pre-2008 growth levels.
The UK economy grew on average by 2.8% each year between 1998 and 2007 slowing to 1.3% between 2008 and 2019, with UK growth forecasted to be 0.8% in 2024.
If the UK economic growth rate increases to 2% per annum by 2035, rising further tod 2.5% by 2050, the UK economy will be almost half a trillion £s larger by 2050.
Supercharging sectors
To reach annual growth rates of 2% by 2035, five key areas have been identified which have the potential to act as catalysts for economic growth across the North West region:
- Place shaping
- Attracting foreign investment
- Culture and sport
- Technology and AI
- Net zero and green skills
The heart of any growth plan for the economy comes down to the relationships that you have, especially at a regional level. We can achieve this by creating cluster effects in the big cities outside London. The three ingredients for these clusters are the continuous creation and empowerment of elected local and city-wide mayors, the dramatic improvement of transport, and a huge investment into the sciences and culture. That's when you'll start to see private sector investment come in, and then real boosts to national productivity will emerge.
Former Chancellor of the Exchequer, RT Hon George Osborne
Speaker at the NW Growth 2035 event
A meeting of minds
At the inaugural Growth 2035 event held at the Alliance Manchester Business School with the North West Productivity Forum, public, private and academic leaders collaborated to shape the blueprint for 2035 and beyond.
It is clear that the region is home to a local community who are passionate about the region’s future and eager to drive the discussion from words to action.
Watch the output from the day below:
I have witnessed first-hand the success of public and private sector partnerships on an international stage and the success that can be delivered in terms of investment, jobs, innovation and technology. For the North West, I believe the region has the potential to be the UK’s economic growth and prosperity leader over the next 10 years.
Jo Ahmed, North West Practice Senior Partner, Deloitte
