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Back to Northern Powerhouse Investment Fund News – Issue 12

Foreword

With the outstanding resilience shown by the UK business community, there is now a real sense of optimism around growth prospects, as well as the opportunity to make a meaningful impact to make our future environment more sustainable.  

In particular, the impetus behind the movement to net-zero carbon has never been stronger. Following the Sixth Carbon Budget, published by the Climate Change Committee in December 2020, the UK Government agreed a new ambitious target of reducing national emissions by 78 per cent by 2035. There are clear economic as well as environmental benefits with small businesses in the forefront of making a significant contribution to the UK’s GVA and employment rates.

The British Business Bank’s regional funds – the Northern Powerhouse Investment Fund (NPIF) and the Midlands Engine Investment Fund (MEIF) – have been on the front foot when it comes to supporting the transition to a net zero economy. More than £50m has now been invested, including private sector finance, into over 45 businesses with low carbon projects in the North of England and Midlands to date, but we know that more needs to be done to achieve our goals.

We are continuing to work closely with our Fund Managers and stakeholders to support new investment in low carbon companies as well as working with our existing portfolio of companies to reduce their carbon footprint and transition to a net zero low carbon economy.

As our partners develop the case for an NPIF 2, supporting a net zero economy will remain a central pillar of our approach, alongside driving greater innovation across the North of England. Local Enterprise Partnerships and Combined Authorities want to build on the initial success of NPIF with a more ambitious second fund, ensuring that businesses across the North continue to have the investment they need to innovate and grow.

As well as looking forward, it is important to recognise the outstanding achievements outlined in the 2021 Queen’s Birthday Honours. I want to offer huge congratulations to the newly knighted Sir Roger Marsh OBE DL, Chair of NPIF’s Strategic Oversight Board (SOB), whose work to support the growth and prosperity of both the Leeds City Region and the wider Northern Powerhouse cannot be overstated. Congratulations also to NPIF SOB member Paul Booth CBE for his fantastic work as Chair of the Tees Valley LEP, who has been pivotal in the regeneration and growth across the region as well as being instrumental in the success of NPIF.

As these well-deserved recognitions illustrate, it is certainly an exciting time for the North of England, with a real opportunity to make a lasting impact on the region’s business community as we build a new resilient and growing Northern economy.

Catherine Lewis La Torre, CEO, British Business Bank

The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank…

Editors Notes