By Jack Mendel
Post-Brexit foreign direct investment in the ‘northern powerhouse’ has skyrocketed by 72 per cent compared to the rest of the UK, a new report has shown.
Investment in the north rose from £24bn between 2012-16 to £41bn after Britain left the European Union, from 2017-21.
The findings, by the Northern Powerhouse Partnership, also found the north increased its share of FDI into England, from under a fifth to a third.
The report claims the region is now punching above its weight, constituting less than a third of the overall population of England, while the rest of England experienced a major drop in FDI, including a 50 per cent fall from Asia.
Lord Jim O’Neill, vice-chair of the Northern Powerhouse Partnership, said: ““We have been particularly successful in Asia – while the rest the UK has seen FDI from Asia plummet $28bn, 56 per cent, over the last five years, it’s gone up 7 per cent in the North.”
“This is proof of the North’s economic potential, especially in innovative and green industries. If the rest of the world sees it, then our own government should be putting us front and centre of their growth strategy.”
Jonathan Reynolds, shadow business secretary, accsed the Government of “failing to make the most of the successful innovation that is happening here.”
“This report is great news, but we must build on this success with long term consistent plans that businesses can invest alongside.”
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