The Northern Way welcomes Rowlands review

24th November 2009

The Northern Way coalition of northern regional development agencies today welcomed the report by Christopher Rowlands on the provision of growth capital, and stressed the importance of implementing options which step-up support for business in the North.

Northern Way Chairman, Hugh Morgan Williams, is himself an active leader of venture capital support for SMEs in the regions.  Commenting on the Rowlands Review, he said:

"Rowlands provides a compelling case for active government support for long-term business finance.  This is felt particularly strongly in the regions outside the South East, which lack a critical mass of investment and fund management expertise.  The Northern Way's own input to the review stressed this dimension in particular.

I therefore welcome Rowlands' conclusion that "evidence points to a need for the ability to find, assess, and manage investment opportunities in the regions".  Nationally-delivered funds have so-far failed to address this need adequately.  It's therefore vital that, in responding to this review, the government support options that actively build fund management capacity at regional level. 

It's also important to support businesses now, and to meet their immediate needs.  The new £400m+ funds being developed by the northern RDAs, with support from the European Investment Bank and ERDF, provide a firm basis on which long-term capacity can be built."

ENDS

Media contacts:

John Hood
Linstock Communications
T: 020 7089 2084
M: 07786 310 068
john@linstockcommunications.com

Nicola Hughes
The Northern Way
T: 0191 229 6752
M: 07771 805 949
nicola.hughes@thenorthernway.co.uk

The Northern Way is a unique initiative, bringing together the cities and regions of the North of England to work together to improve the sustainable economic development of the North towards the level of more prosperous regions.

Formed as a partnership between the three northern Regional Development Agencies (Yorkshire Forward, Northwest Regional Development Agency and One NorthEast), we also work with local authorities, universities, the private sector and other partners to secure a strong coalition in support of this goal.

The Northern Way aims to influence policy and delivery at a local, city region, regional and national level, to join up thinking and encourage collaboration.

The Northern Way's Private Investment Commission reported in July 2009, and highlighted the gap in support for SMEs, in particular outside the Greater South East.  It noted that national government initiatives had often mirrored the existing geographical pattern of the market, and called for a new approach to build private sector capacity in the regions, building on successful initiatives delivered by the northern RDAs.

The Northern Way provided evidence to the Rowlands Review, and hosted an event and regional visit for the Rowlands team.

Christopher Rowlands will present his report at a Northern Way seminar on 10th December in Newcastle.  To register for this event, contact info@thenorthernway.co.uk