The Eastern Powerhouse, since its launch, has continuously been making the case for a Spatial Strategy for the East, underpinned by an Independent Economic Review. We are firm believers that the case for investment in our region can only be strengthened if Government takes the decision to fund such an endeavour.
Lord Harrington, in his review of Foreign Direct Investment, makes clear that the independent economic review, carried out by the Northern Powerhouse in 2016, and funded by government, had a huge effect on government thinking and policy. The review sought to understand the drivers behind economic performance and priority sectors. It differentiated between those sectors in the Northern Powerhouse that it determined could compete on national and international scales, and those that could not, due to their lower levels of regional productivity. The Economic Review merged the internationally competitive sectors it had identified, and their economic enablers, into a distinctive offer for investors.
On 15th May 2024, Eastern Powerhouse Chair, James Palmer, wrote to Secretary of State for Levelling Up, Michael Gove MP, and Secretary of State for Business and Trade, Kemi Badenoch, once again making the case for Government to push forth with an Independent Economic Review of the East.
You can find the full letters below: