A panel of industry heavyweights has comprehensively rejected the prospect of providing tax breaks for northshoring businesses, claiming such moves would be unsustainable.
Speaking at Estates Gazette’s latest Question Time at Argent and the Greater Manchester Property Venture Fund’s One St Peter’s Square, Manchester, several industry leaders rejected the move in favour of infrastructure investment.
Greater Manchester interim mayor Tony Lloyd said such a policy would have “very limited value” if it meant companies “that don’t have the capacity to be freestanding here in Greater Manchester” relocated functions away from London.
“The kind of movement we want is investment in underlying infrastructure that allows people to come to Manchester on its own merit,” he added.
Mills & Reeve real estate partner Caroline Hanratty agreed that she did not see the need to “interfere with the market with tax incentives while there’s already momentum”.
Apache Capital Partners managing director Richard Jackson agreed that he could now make a “very compelling case” to his Middle Eastern investor base about Manchester’s investment fundamentals, which was more effective than the “granular incentives of a council”.
Jackson also argued that the success of the London mayoralty and the subsequent devolution of mayoral roles to regional cities including Manchester were “very well perceived” by overseas investors, with the moves inspiring major confidence in the UK regions abroad.
Meanwhile, Glenn Howells Architects director Glenn Howells said the focus should turn more towards organic growth of regional startup businesses rather than striving to lure firms and government departments away from London.
Also on the panel were Savills director Jeremy Hinds, and former government planning advisor Lord Matthew Taylor.
For a full write-up of the event see next week’s Estates Gazette.
A combined Northern Powerhouse would beat London in number of planning applications per capita. Click here to see the full details and figures.
• Question Time was held in partnership with Savills, Mills & Reeve, CRS and One St Peter’s Square, and supported by UKPP.
