I grew up in Liverpool, and doing so in the 70s and 80s, means I saw a local economy reinvent itself.
In the 90s I moved to Manchester and as a student there, saw it become a cultural powerhouse built on creativity and new industries.
Through my career at NatWest, I’ve seen millions of our customers across the North turn their ambition into action, new ideas, new businesses and new growth.
Just this morning, I met with our customer Illiad, a high-growth business based minutes away in City Square. And I saw that entrepreneurial spirit in action as they develop new payment testing technology and win global business from here in Leeds.
I don’t underestimate the very real near-term challenges, but I’ve seen first-hand what the North is capable of. And I’m confident that it is one of the most compelling places to invest in the UK today.
Growing confidence and ambition
Because across the North, you can feel something building - a concentration of ideas and talent, backed by growing confidence and ambition.
The North should not be thought of as a policy challenge to be fixed. This region is a growth engine, driven by innovation, scaling businesses, and sectors competing on a global stage.
Of course, this story has deep roots. The North has always been at the heart of the UK’s economic strength.
From the industrial revolution, when growth was driven by decisions taken close to industry, to the infrastructure that connected regions and unlocked trade.
As a bank, we’ve been part of that story too. In 1891, we helped finance the Manchester Ship Canal, backing one of the most ambitious infrastructure projects of its time.
Because even then, growth depended on two things: local ambition and the capital to deliver it.
That remains true today. What’s changing is how that ambition is expressed. Through metro mayors and combined authorities increasingly acting as the economic architects of their regions.
Fiscal devolution as an investment multiplier
And that’s why fiscal devolution matters. Because this isn’t just an abstract policy debate. And it’s not simply about rearranging responsibilities. Fiscal devolution is an investment multiplier.
Our research shows that around two-thirds of business leaders believe giving regional leaders more control over funding decisions would increase investor confidence. And a similar proportion say they would be more likely to invest locally if regions had stable, long-term funding settlements.
So, this is about more than governance. It’s about turning good ideas into investable propositions, which is why I think the publication of the North investment prospectus is so important.
Creating the certainty and pipeline that capital needs to flow. And when you combine that local decision-making with real financial power, you create the conditions for growth to accelerate.
Investing in innovation
We know that growth doesn’t come from capital alone. It comes from building the right ecosystem around it - the skills, the support and the pathways that help good businesses start, scale, succeed and stay.
That’s why we’re investing in innovation right across the North. Through our Accelerator hubs in Leeds, Manchester and Newcastle - we’re supporting entrepreneurs to turn ideas into scalable businesses.
Through specialist services such as our Intellectual Property lending and our Venture Banking presence in Manchester, we’re helping high-growth companies access finance that reflects the value they are building and the expertise they need to compete globally.
And through new partnerships with universities such as York – we’re helping turn world-class research into real businesses.
Because our role isn’t just to finance growth. It’s to connect capital with local ambition, and help scale it over time. And we’ve been doing that in the North for many years.
Today, we support nearly 4.3 million personal customers across the region. We also bank around 230,000 businesses here - from small firms to mid-sized companies to major corporates.
So, we are deeply embedded in this economy. And that place-based approach matters.
Because, as many know well, the economy of the North is not uniform. It’s a set of diverse, high-performing regional economies - each with its own strengths.
Whether that’s Manchester’s digital and service economy, York’s research and innovation base, Newcastle’s energy and life sciences clusters, Sheffield’s advanced manufacturing, or the thriving fintechs in Leeds.
Understanding those differences, and backing them properly, is what drives real growth. And it’s why partnership matters.
