New Powerhouse plans aims to create 850,000 jobs by 2050

Investing in nuclear power and taking a lead on the Internet of Things are two key ways the Northern Powerhouse can hit major new productivity targets, according to a new report.

Powerhouse 2050: The North’s Routemap for Productivity says the north can create 850,000 jobs and become £100bn more productive over the next three decades.

The proposals cover four areas it believes to be central to the north's success: advanced manufacturing, energy, digital and health.

The report hopes to tap into the government's Industrial Strategy Fund to finance the proposals, as well as calling on private business to contribute. One bank has reportedly set aside £2.2bn to lend to SMEs in 2017 alone. Professor Juergen Maier, who led the Advanced Manufacturing & Materials research, said: “This Northern Powerhouse Partnership report sets out bold and original initiatives that could, with appropriate levels of funding and support, have a transformational effect on the North of England and provide a vital boost to productivity."

Powerhouse 2050: the North’s Routemap for Productivity was formally launched Veka's premises in Burnley to an audience of Northern businesses, apprentices and civic leaders. The proposals in the report have been submitted to the government for consideration in the Autumn Budget on 22 November.