More than 120,000 new jobs could be created in the North over a decade if the region’s share of foreign direct investment (FDI) returned to levels enjoyed before the abolition of the Regional Development Agencies (RDAs).

This is according to a new report published by the think-tank IPPR North, ‘UK First? Improving Northern access to Foreign Direct Investment’, which is available online and shows that securing FDI has been a key element of economic development in the North, with companies like Nissan and Siemens leading the way in creating and protecting jobs.

The number of FDI projects secured over the past few years has declined – particularly in the North, where the drop has been 27% since 2010. This was when a new approach to inward investment was introduced by the Coalition, IPPR North notes. 

IPPR North recommends, among other measures, the creation of a pan-Northern investment body – a ‘Northern Investment and Trade Board’ to develop key trade and investment priorities for the North at a significant scale.

The think-tank’s director Ed Cox says: “It is vital that action is taken to allow the UK to maintain its place as the leading place to invest in Europe, and for the whole of the UK to contribute to that ambition.”