The so-called Northern Powerhouse initiative continues to divide opinion in the UK, as while it remains an ambitious and well-intentioned project it has arguably not yet received the funding it deserves.
After all, the project relies heavily on infrastructure spending, with public transport a key area of focus. Despite this, recent figures published by IPPR North have revealed that since the initiative was introduced in 2014, transport spending per person has gone up twice as much in London than in the north of the country.
While a lack of infrastructure spending may have hindered the Northern Powerhouse during the last four years, however, the project was given a boost recently by the introduction of a direct flight path between Manchester and Mumbai. But how exactly will the new development boost one of the government’s more ambitious projects?
Appraising Jet Airways’ Latest Development – What Does it Mean in General Terms?
The new flight path has been opened by Jet Airways, who will operate a five-times-a-week service between these two prominent locations.
In bottom line financial and economic terms, it’s thought that the new flight path will boost the North West economy to the tune of £400 million, while creating up to 2,000 jobs across an array of different sectors.
The potential benefits of this flight path extend far beyond these impressive headline numbers, however, particularly as the UK looks to create new trade opportunities and strengthen existing ties ahead of their departure from the EU on March 29th next year.
At present, India is already the UK’s seventh largest trade partner in goods outside of Europe, while it also remains the third largest export of services into the country.
The new flight path will help to fortify these links and trigger a potential increase in foreign investment post-Brexit, while immigration lawyers have also noted that it could enable Manchester to attract skilled professionals from India in the near-term.
How will it Impact on the Northern Powerhouse?
Beyond this, the creation of a new direct flight path between these two thriving economic hubs will provide a significant boost to the Northern Powerhouse initiative.
On a fundamental level, it will open up the initiative to millions of tourists and skilled migrants, who will contribute to an increase in both recreational spending and economic productivity in the region.
This will enrich an already lucrative relationship between India and the north of England, which some experts estimate boasts a financial value of up to £18 billion.
Not only this, but it will also connect Manchester and the Northern Powerhouse project to the world’s fastest growing economy, providing with access to a significant source of foreign investment in the process.
Insight provided by Withersworldwide