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Northern Powerhouse..

Following on from our earlier blog on the Budgets impact on the buy to let sector, the other important “trend” announced by the Chancellor was that of the establishment of a Northern Powerhouse.

Realising that too much of the economic strength of the UK is concentrated in the capital city, he is seeking to address the imbalance by building up other parts of the Country.

Devolution of power and the creation of a directly elected mayor is one way to do this, and it is already in effect in Greater Manchester, and beginning to happen in Sheffield and Liverpool and Leeds. He also went on to give further funding to “Transport for the North” and importantly for our region is pushing for more powers and responsibility to be devolved to the Midlands.

All this can only be positive for the East Midlands, and a focus on “regeneration and inward investment” will help to attract investment, increase employment with the resulting growth in housing and upward trend in house prices.

Other measures include a new review of enterprise zones and their locations, and local powers to set Sunday trading hours.



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