What's Happening?
Chris Woodroofe, Managing Director of Manchester Airport, has emphasized the importance of major infrastructure projects like Northern Powerhouse Rail (NPR) to enhance global trade for Northern firms. According to the UK Trade Barometer, Northern businesses are less confident about future prospects compared to their London counterparts. Woodroofe argues that the government's Industrial Strategy can drive productivity and growth outside London by facilitating international trade. He highlights the potential of NPR to unlock Manchester Airport's full capacity, thereby improving access to global markets. The airport's new route to Mumbai is cited as an example of how international connectivity can benefit regional businesses.
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Why It's Important?
The development of NPR and other infrastructure projects is crucial for leveling the economic playing field between Northern regions and London. By improving access to international markets, these projects can stimulate economic growth, create jobs, and increase wages in the North. The initiative aligns with the government's growth mission and could significantly enhance the competitiveness of Northern industries, including AI clusters and medical device specialists. The success of such projects could lead to a more balanced national economy, reducing regional disparities and fostering innovation across the UK.
What's Next?
The government is expected to make an announcement regarding NPR before the Labour Party Conference. Stakeholders in the North are eagerly awaiting this development, which could transform regional connectivity and trade opportunities. The implementation of NPR could lead to the addition of up to 50 long-haul routes from Manchester Airport, further boosting the Northern economy. Businesses and public sector leaders are likely to advocate for the project's completion to maximize its potential benefits.
