THE Institute of Directors (IoD) has announced its blueprint for a ‘business-led’ initiative to drive the next stage of the so-called Northern Powerhouse.

In a joint statement, Jonathan Oxley, Mike Perls and Graham Robb, IoD chairs in the Yorkshire and the Humber, the north-west and north-east respectively, urged businesses to become ‘heroes’ of the Powerhouse.

Following the analysis of pan-northern capabilities highlighted in Transport for North’s Independent Economic Review, they have identified industry clusters that will act as a catalyst for the next stage of Northern Powerhouse activity.

They said: “In the current climate of political change the IoD is sending out a signal that business not only wants to see action to rebalance the economy but is willing to play its part.

“We believe the Northern Powerhouse has the potential to create globally significant, functional economic clusters. Transport infrastructure will be an enabler of this objective, but it is long-term and is not the entire solution.

“Business leaders have a critical role to play right now and must move to fill the political vacuum and take ownership of this initiative.