Member Article

Commission to promote investment in the North

A commission examining the state of private sector investment in the North announced its new chair last week. Sir James Crosby, Deputy Chair of the Financial Services Authority and former HBOS Chief Executive, will lead the Northern Way Private Investment Commission.

The commission aims to identify the barriers to greater investment in the North, and to make recommendations to government, regional and local institutions, and the private sector itself.

Sir James said: “I believe the North of England has a great potential for economic growth and prosperity, despite a more difficult global economic climate. By addressing the barriers to substantially greater private investment flows - wherever they arise - we can ensure that the good economic performance of the North is sustained and reinforced.”

The Commission will be made up of a small number of other high-profile private sector individuals, who will identify opportunities to increase private sector investment.

Neville Chamberlain, Chairman of the Northern Way, said: “The economic development of the North will only be secured through sustained investment from the private sector. We are honoured to have such an influential figure as Sir James to lead our work in this area. The work undertaken by Sir James and the Commission will help the North of England to compete for attention in the global market place.”

Margaret Fay, Chair of One NorthEast, said: “We need to secure more private investment to fund infrastructure and regeneration and to invest in growing businesses. The three northern Regional Development Agencies are already working together to develop this area, and we look forward to working closely with Sir James and the commission to ensure the North achieves the critical mass to attract significantly more private resources.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .