27 March, 2008 – High-profile appointments set to boost Northern Economy
Leading figures from the worlds of technology, business, regeneration and finance have been appointed to the Northern Way's Private Investment Commission.
They join Sir James Crosby, Deputy Chair of the Financial Services Authority and former HBOS Chief Executive, who was appointed Chairman of the Commission in February. The Northern Way launched its Private Investment Commission last year to support greater private investment in the North of England.
The Commission is pleased to announce the appointments of Mark I’Anson, Chairman of Northern Enterprise Ltd; Felicity Goodey CBE, Chair of Central Salford Urban Regeneration Company; Duncan Mycock, Senior Partner at KPMG; Jamie Martin OBE, Chairman of the Newcastle Gateshead Initiative; Patrick Walton, Managing Partner of Yorkshire Bank and Martin Crookston, Director of Urban Studio.
Further appointments are expected to contribute expertise in housing investment and institutional investment in regeneration.
Neville Chamberlain, Chairman of the Northern Way, said: "It gives me great pleasure to welcome such high-profile and influential individuals to the Commission.
"Over recent years, the North has made huge strides in attracting private investment, with cities like Newcastle, Manchester, Liverpool and Leeds establishing themselves as vibrant commercial centres.
"However, the private sector contributes 16% less to the economy in the North than the UK average, in terms of GVA per head. There remain concerns that the North is failing to bring a consistently strong set of investment proposals to market and many businesses face an access to finance gap.
"Our new members will apply their expertise, gained from a range of business sectors, to identify opportunities to increase private sector investment in the North on a transformational scale."
The members will identify barriers to greater investment in the North and make recommendations to government and regional and local institutions, as well as the private sector.
The Commission will be supported by evidence and analysis provided by the Northern Way and gathered from consulting organisations such as the CBI and Federation of Small Businesses. It will focus on:
- loan and equity finance for SMEs, including from the venture capital sector
- finance for infrastructure, including major regeneration projects and investment in transport
- property investment, including in areas requiring significant regeneration, both within and outside of major cities
- links between the public and private sector, including through innovative funding vehicles and the use of land as an asset
- the location of major financial institutions, including whether a lack of capacity in the North is restricting the supply of finance
- investment in housing, meeting the needs of the North’s economy
- active promotion of the North as a place that is open for business.
Following his appointment earlier this year, 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."
John Hutton MP, Secretary of State for Business, Enterprise and Regulatory Reform, welcomed the formation of the new Northern Private Investment Commission at the Northern Way Summit in November 2007.
Source: The Northern Way press release