70% of the North’s Small Firms Don’t Believe in ‘Northern Powerhouse’
Only 4% of small businesses in the North believe the chancellor George Osborne has done enough to support them
70% of small businesses in the North don’t believe George Osborne will create a ‘Northern Powerhouse’, according to a report by MarketInvoice and Censuswide.
The survey of over 1,000 small firms found that over half (56%) of small business owners believe that the government is not genuinely committed to increasing investment in the Northern region.
When asked if the chancellor of the exchequer had done enough to support them, only 4% of business owners said he had.
New initiatives for the ‘devolution revolution’ announced during the Budget 2016 included £60m dedicated to the development of the new High Speed 3 (HS3) rail link between Manchester and Leeds, £75m to develop plans for a new trans-Pennine road tunnel and £20m a year of new funding dedicated to schools in the Northern Powerhouse.
Anil Stocker, co-founder and chief executive of MarketInvoice, said:
“Clearly the chancellor still needs to convince Northern businesses that he’s committed to this plan. Scepticism is natural when local businesses have yet to see a brick laid.
“So far they’ve had to watch on with envy as projects in the South, such as Crossrail, develop at pace. These are the very businesses the Northern Powerhouse will need if it is to be a success.”