Andy Burnham wants Manchester to add an extra £13bn a year to the UK economy – this is how
A decade-long plan to increase Greater Manchester’s contribution to the UK economy by £13bn a year has been unveiled by the region’s mayor, Andy Burnham.
The proposal, which has been made public today, would see the “whole Greater Manchester system mobilised” to deliver £1bn of investment every year between now and 2035.
Burnham has also promised to build new homes ‘on a scale and at a pace not seen in the past 20 years’.
The plan is centred around a ‘single pipeline for growth’ which would target investment in six so-called ‘Growth Locations’ across Greater Manchester.
They have been defined as nationally significant sites with the highest potential to boost the regional economy and bring benefits to all 10 boroughs.
The area around Manchester United’s Stadium in Old Trafford is a key part of the Western Gateway Growth Location, with plans to create new housing, commercial and public space around a new 100,000-seat stadium, or a refurbished 87,000-capacity ground.
If The Old Trafford Regeneration Scheme goes ahead, the project would be the biggest sports-led regeneration scheme since the London 2012 Olympics.
According to the Greater Manchester Combined Authority, which Andy Burnham leads, the scheme could turbocharge the area’s fortunes just as MediaCityUK transformed Salford Quays – and give a £7.3bn boost to the UK economy.
A new Mayoral Development Corporation (MDC) for Old Trafford has been proposed which would replicate the success seen in Stockport, where the MDC took on powers to acquire and develop land and bring forward new infrastructure.
The combined authority said the Stockport MDC has so far attracted £600m in private investment and delivered 1,200 new homes, 170,000 sq ft of office space and a new transport interchange.
Until now, the city-region has had separate pipelines for delivering transport, housing, innovation and creating a low-carbon economy.
Greater Manchester is also to create a single investment pot to target funding on ‘Growth Locations’, using the greater flexibility over its finances agreed as part of its Trailblazer devolution deal with central government.
The Greater Manchester investment pot will provide just enough pump-priming to unlock massive private sector investment.
The combined authority added that the Greater Manchester Pension Fund – the UK’s biggest local government pension fund – could also invest in ‘Growth Locations’.
‘We’re already bucking all the national economic trends’
Andy Burnham said: “Greater Manchester is ready to kickstart a new decade of growth at the heart of a resurgent North.
“We’ve used our devolved powers to deliver the biggest change in public transport since the ‘80s. Now we’ll use them to deliver transformative regeneration across our city-region.
“We’re already bucking all the national economic trends – our growth and productivity are above the UK average.
“But with the backing of government and private investors, we can do even more and add an extra £13bn a year to the UK economy.
“Our plan will deliver urban regeneration at a pace and scale not seen before in my lifetime and re-balance the rewards of growth across the UK.
“It will create tens of thousands much-needed homes and high-quality jobs so all our residents can live good lives.”
Cllr Bev Craig, leader of Manchester City Council and Greater Manchester lead for economy, business and inclusive growth, added: “In recent years we have seen the transformation of Greater Manchester, from the rapidly changing skyline to the cementing of Manchester as one of Europe’s fastest growing economies.
“Now is the time to lay the foundations for the next decade, a decade where everyone benefits from our growth.
“Our dynamic, innovation-led economy is harnessing the power of our world-leading industries, universities, and public-private partnerships, making Greater Manchester the best place in the UK to invest and do business.
“But we know we still have so much untapped potential, so that’s why we are rolling up our sleeves and doing things differently to bring in much-needed investment.
“This is a long-term plan to make people’s lives better, building on our proven track record of removing blockers to growth and catalysing development that will bring transformative benefits to towns and cities across our city-region.”