PUBLIC cash should be ring-fenced by the next government to help fund infrastructure schemes and boost the northern economy, a regional business advisor says.
Malcolm Bairstow, partner at professional services firm EY, says new incentives are also needed to attract private sector investment in schemes.
He believes that funding will increasingly be at “the heart of the ‘Northern Powerhouse’ debate”, particularly against a backdrop of continued public spending cuts.
Malcolm said: “There is already significant appetite from domestic and overseas investors to back stable UK infrastructure projects. Public funds could either be ring-fenced or the Chancellor may need to continue to develop incentives for private sector investment.
“Local control of local tax receipts might form part of the answer, but that debate hinges on the question of devolution for individual cities and regions.”
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