Why the North East is best for business
In the third of our pre-MIPIM blogs promoting the North as a great place to live and work, Ben Hunter looks at some of the reasons why the North East is best for business...
The South has been slow to catch up on the emergence of the Northern Powerhouse, instead believing that the North is still in early recovery following the closure of industries such as mining, ship building and steel, that were once the backbone of the regional economy.
Also, there’s often a perception the highest quality professional services are only available in our capital city. However, as the UK economy has become ever more digital, location has been able to be more fluid and many well-respected, innovative and productive professional services can be found in our regions, not least the North East.
The truth is our region is in rude health, having evolved to become a magnet for tech, life sciences, energy and finance firms among others. In fact, the northern powerhouse is enjoying faster inward investment than the UK average and is home to more than a million private sector businesses, collectively exporting more than £50bn of goods across the globe.
It’s a no-brainer
And why wouldn’t they choose our region? The North East has a labour force of 1.2 million and the lowest turnover rate for labour in the UK, with great staff retention. This allows businesses to provide stability in their service offering, and helps ensure good transfer of knowledge between teams.
In addition, Centre for Cities ranked Newcastle upon Tyne in the top 10 UK city centres for 21st century growth; it came in at seventh both for jobs and population growth, the latter of which more than doubled between 2002 and 2015.
The cost of occupying commercial premises is also 30 per cent cheaper than other cities in the UK, and a whopping 68 per cent less expensive than London.
With five hugely successful universities, including two in the Russell Group, we also have a fantastic pipeline of capable and highly skilled graduates from all over the world ready to join our organisations.
Looking to the future
Bolstering the already impressive growth of our digital sector, the local authorities in North Tyneside, Newcastle and Gateshead are in advanced discussions to install ultrafast fibre-optic broadband across the North of Tyne area, having partnered with those in the private sector to build a case for cabling for up to 900 public buildings and residential properties, supporting the introduction of 5G mobile networks.
Further cabling, known as the North Atlantic loop, is set to link the North East to the USA via Scandinavia through the North Sea, significantly increasing our data transfer speeds. This will open up even greater opportunities for businesses from many different sectors to base themselves in the North East of England.
There’s no place like home
As well as being aspirational, and naturally there’s a healthy amount of competition, businesses based in the North East collaborate, not only to benefit themselves, but also to create a legacy for others. There are countless formal and informal networks in which contemporaries help and support one another in a welcoming, sociable and encouraging environment.
The region has so much going for it, and more and more businesses are realising the benefits of being based here. The only way is up, and long may it continue.
As part of our ongoing commitment to championing the region Silverstone will be attending MIPIM 2019 as part of the Invest Newcastle delegation to promote our fantastic region. To meet us with us there please get in touch on 0191 231 4263 or email firstname.lastname@example.org