YP Comment: Leeds grows faster than London

The former Chancellor may be pleased to learn that the economy in Leeds has grown faster than London’s in the three years since his initiative was launched – though perhaps less so now that he’s swapped his Cheshire constituency for the job of newspaper editor in the capital.

According to the The UK Powerhouse report, which is produced with the Centre for Economics and Business Research (Cebr), the economy of Leeds has grown by eight per cent since the end of June 2014, compared to just under seven per cent in London.

It is a welcome tonic for the region though the long-term forecast is more gloomy, with London’s economic growth, and places like Milton Keynes, expected to outstrip that of Leeds, accelerating still further the North-South divide.

The report came out on the same day that final routes of the Manchester and Leeds branches of HS2 were finally confirmed, which follows the announcement of construction contracts worth £6.6bn and the promise of 16,000 new jobs.

Just as the Siemens wind turbine plant is crucial to Hull’s economic future so, too, is HS2 for Leeds. With Northern Powerhouse Minister Jake Berry having ruled out a Yorkshire-wide devolution deal, the focus for growth will revolve around our burgeoning cities and none more so than Leeds.

The challenge now facing our business and political leaders is to grasp these opportunities.