The next Microsoft may have already been founded somewhere in Yorkshire but Government needs to help it thrive - Tim Mills

But for that to happen, it is essential the chancellor makes good on the final pillar in what he described as the “Four ‘E’s of economic growth and prosperity” – everywhere. This was Hunt’s promise to spread prosperity across the country by supporting “high potential but underperforming areas” of industry through tax incentives that encourage investment.

Building a network of “productive powerhouses” in key cities and regions would boost GDP by nearly 5 per cent, the chancellor claimed, bringing the UK close to the US and Germany in terms of GDP per head. And in this, Yorkshire must play a leading role. With its rich industrial history, Yorkshire and the Humber have all the tools and expertise to develop the next generation of leading UK businesses in the industries of the future. In fact, it is happening already.

In 2019, ACF Investors, the venture capital fund I run, led a £3m funding round into Wayland Additive, a developer of metal 3D printing technology based in Huddersfield. The metals their machines print are next generation alloys, light and ultra-durable, unworkable with traditional manufacturing technologies but with applications that span replacement joints to nuclear fusion reactors. Wayland is a genuine local success story, having acquired intellectual property from another Huddersfield business, Reliance Precision.

A few miles up the road is another ACF investment, Adventoris, who are bringing e-commerce to manufacturers and wholesalers around the UK and beyond with their Swift Cloud software. Their smart tools enable sellers to offer the kind of customer interaction that you’d normally only get with the likes of Amazon, across industries from foods services to electronic components. Making supply chains more robust and delivering efficiencies for all concerned.

The presence of these businesses, within walking distance of each other, not only highlights the fact that truly cutting-edge companies are already quietly going about their business across Yorkshire, but also underscores the importance of industrial heritage to the future of the economy.

West and South Yorkshire and the neighbouring areas have a long history of pioneering manufacturing and engineering technologies and benefit from a world class knowledge base in advanced metallurgy.

Like many of the best businesses, Wayland and Adventoris have a strong connection to the past while developing technology that shapes the future. If the chancellor is serious about spreading prosperity across the country, he must find a way to tap into this dynamic.

Britain is a world leader in research and development, with more scientific research papers per head than the US, Germany, France or Japan. UK scientists have been awarded over 75 Nobel prizes – more than any other country besides the US.

The UK is also by far the most active hub for angel investors – the individuals or groups who are typically the first investors into start-ups – in Europe, with £2.3bn invested each year, according to the UK Business Angels Association. We have, of course, heard it all before when it comes to spreading prosperity around the country by encouraging business growth.

Successive governments have pledged their support for high-growth companies based outside of London through various funds and initiatives, with varying degrees of success. But the constant re-invention of these initiatives means few get time to make a lasting impact and many entrepreneurs are unaware of support that exists.

Despite the opportunities that lie ahead for Yorkshire, difficult times lie ahead. The economy will almost certainly fall into recession this year, while the cost-of-living crisis continues to bite. Yet it is often during the harshest economic periods that the biggest global companies are founded, including giants such as Disney, Microsoft, LinkedIn, Netflix and Airbnb.

The next Microsoft could already have been founded somewhere in Yorkshire. If it has, it will require the government to produce stable access to the conditions conducive to building the giant companies of the future in places that are not London. Jeremy Hunt needs to prove he can back up his words with action.

Tim Mills is managing partner of venture capital investor ACF Investors.