Is the northern powerhouse real?

http://www.bbc.co.uk/news/uk-34607588

deals set to be agreed include the appointing of a Beijing firm BCEG as main contractor for the Middlewood Locks regeneration project in Manchester. The company is expected to provide £4m to kickstart the project.

Education partnerships including schools and universities are also set to be agreed.

Mr Cameron said China is a "key trading partner" for the UK, adding: "The partnerships being made today will see real investment going into the north.

"This is all part of this government's plan to attract more investment and deliver economic growth to an area of huge potential."

Mr Osborne is to announce new devolution deals for the North East of England.

The chancellor's measures will mean Newcastle and Sunderland, and Tees Valley will both vote in a directly elected mayor in 2017.

The North East deal will transfer powers over transport, strategic planning, employment and skills from Whitehall to the region.

It enables the authority to create an investment fund with an initial allocation of funding for capital financing of at least £30m a year for 30 years.

'Old model broken'

The Tees Valley deal will see its investment fund guaranteed at least £15m a year.

"The old model of trying to run everything in our country from the centre of London is broken," Mr Osborne said.

"It has led to an unbalanced economy and made people feel remote from the decisions that affect their lives."

He added: "I am determined to end this situation and I want to thank those civic leaders who want to work with us to achieve it."

---------- Post added 23-10-2015 at 13:06 ----------

What do people think of the northern powerhouse??

Isn't it 40 years too late?

£30 million devolution funds equates to £46 per person in Sheffield.

Is this a piecemeal amount. Or enough?

Did any of the Chinese VIPs visit the North during their recent visit? Genuine question.

I would have thought they might want to see the area they are / might be investing in.

Did any of the Chinese VIPs visit the North during their recent visit? Genuine question.

 

I would have thought they might want to see the area they are / might be investing in.

They went to Manchester airport and university..

Did any of the Chinese VIPs visit the North during their recent visit? Genuine question.

 

I would have thought they might want to see the area they are / might be investing in.

the chinese PM only had time for tea with the queen and a pint down the chequers with Cameron.

---------- Post added 23-10-2015 at 13:38 ----------

I welcome investment in the north. But is devolution funds enough? And what kind of jobs are the chinese creating?

They dont exactly have the best human rights record in their own country.

I'm now dubious about selling off large chunks of industry to FDI.

---------- Post added 23-10-2015 at 13:40 ----------

For me its a globalisation problem. All that profit created by UK is funneled straight out of our economy.

We should be looking at localising more. And achieving a balance.

Londons train stations alone have typically had hundreds of millions spent on them, Kings Cross was in the region of a billion pound redevelopment.

£30million a year across the entire North East, give me a break. And thats assuming it doesn't just get pulled.

---------- Post added 23-10-2015 at 13:43 ----------

Or taken out of council budgets from across the area.

Londons train stations alone have typically had hundreds of millions spent on them, Kings Cross was in the region of a billion pound redevelopment.

 

£30million a year across the entire North East, give me a break. And thats assuming it doesn't just get pulled.

 

---------- Post added 23-10-2015 at 13:43 ----------

 

Or taken out of council budgets from across the area.

Sheffield council has been cut 60 million per year from budgets too.

Sheffield Forgemasters should be building the nuclear reactors, if it had had the investment it asked for, not just for Britain but across the world. We invented the damn things....

Why do we always seem to invent amazing things then let other countries exploit them and get the profits?

I can't help but be cynical about this. "Northern", "meaning of the north" is only so from the perspective of the south, so the use of the term "northern powerhouse" says it all about just how London/south east centric Britain is politically and economically.

Sheffield Forgemasters should be building the nuclear reactors, if it had had the investment it asked for, not just for Britain but across the world. We invented the damn things....

 

Why do we always seem to invent amazing things then let other countries exploit them and get the profits?

If it's that much of a banker, the multi billionaire owner would stick his hand in his pocket or the banks would lend it. As it is, neither is happening. If memory serves (and it was a while ago) it was £80m to save couple of hundred jobs.

As far as the northern powerhouse is concerned, I'm not really fussed where the money comes from. At a local level it will provide jobs for people who will build improvements/infrastructure and to run it as well. They won't see the profits but who does, even with a UK company running the show.

If it's that much of a banker, the multi billionaire owner would stick his hand in his pocket or the banks would lend it. As it is, neither is happening. If memory serves (and it was a while ago) it was £80m to save couple of hundred jobs.

 

As far as the northern powerhouse is concerned, I'm not really fussed where the money comes from. At a local level it will provide jobs for people who will build improvements/infrastructure and to run it as well. They won't see the profits but who does, even with a UK company running the show.

a UK company pays UK taxes. In theory.