City's chief executive outlines firms' opportunities

Chief executive Tom Riordan also warned of the dangers of regional austerity measures being driven from Whitehall as he issued a rallying cry to business leaders in this region.

Mr Riordan said: "Technological change, the ageing population and low carbon – there are business opportunities in all of these. Let's get ahead of the game on these new economic drivers... Let's have the glass half-full."

Speaking at the annual lunch of Leeds, York and North Yorkshire Chamber of Commerce, he said the professions and lifestyle could still rival those of London. "Imagine if the Leeds city region became the natural alternative to London: for investors, for tourists, for the most talented teachers, artists, chefs, social workers. Not the same as London – the alternative to it."

Mr Riordan, who was previously chief executive of development agency Yorkshire Forward which the coalition Government is to abolish, pledged to understand the impact of the cuts on businesses and warned of the dangers of dictating regional policy from London.

"Of course the RDA model wasn't perfect but there are good things about YF that we need to retain, like our recent record on beating the South East on attracting inward investment and the job-rich low-carbon projects. We rely at our peril on national agencies to deign to accord us that sort of priority. If you want to rebalance the economy you can't do it from Victoria Street in London."

Local economic partnerships are set to replace regional development agencies but Gary Lumby, president of Leeds Chamber, said developing the blueprint for one had been a challenge.

"Pulling it together without any direction from Government has been akin to us preparing a business plan without any financials or product details – not easy."

He also highlighted work at key Leeds developments as signs of an upturn in the city. "We have seen the (Leeds) Arena work commence on site, Land Securities have confirmed that the Trinity project is back on track, Hammersons have announced that the stalled Eastgate Quarter is moving forward and MEPC have submitted plans (now approved – see below) for No 3 Wellington Place. All of these are very positive signs for Leeds."