New figures reveal how better infrastructure could unlock £118bn a year by 2050 for the North

Recent findings from Transport for the North (TfN) have revealed that the north could produce one million extra jobs by 2050 after revealing its findings at its annual conference on Monday (6 March).

Initial findings from the Northern Powerhouse Independent Economic Review (NPIER) revealed that poor infrastructure investment and lack of action is costing the northern economy billions each year.

The review also highlights where certain investments across multiple areas could unlock further potential and an additional £118bn gross value added (GVA) per annum.

TfN was set up in 2018, with the idea that it would bring together the region's transport authorities, and provide a cohesive voice for the North's transport needs.

Lord McLoughlin, chair of Transport for the North said: "The challenge to rebalance the UK economy is a work in progress. To achieve this we must transform the North of England's economy.

"TfN over the course of this year will be setting out plans on how we can realise the North's economic potential through our refreshed Strategic Transport Plan.

Lord McLoughlin believes that action is needed quickly to help the North realise its potential (Image - Gov)

"But as we can start to see as we update the Northern Powerhouse Independent Economic Review, it will take a long-term patient investment of scale to close this gap."

He also added: "These initial findings produced by TfN as part of our NPIER, to be published later this year, reveal that the longer we wait to grasp the nettle, the harder and more costly it will be to level up the North.

"But the evidence also shows the huge reward for our country if we do rise to the challenge and transform the North, harnessing the power of both public and private sectors to make a difference for the North's businesses and communities."

Phase 2b of HS2 which is due to be running through Cheshire East will form part of the transformational approach for the North. The high-speed line was recently re-committed to be completed by rail minister Huw Merriman who said: "We are absolutely committed to delivering HS2 trains from London to Manchester and, of course, going over to the east as well."

TfN will be releasing its full findings from its review later this year.

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