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According to the Chancellor George Osborne, Treasury figures suggest that if the northern economy grows in line with the rest of the UK over the next 18 years, it would be worth an additional £44bn in real terms.
That’s the equivalent of over £1600 for each person living in the north.
Today the Chancellor of the Exchequer, George Osborne, set out what action the government would now taker to make his vision of a "Northern Economic Powerhouse" a reality. Here is the plan the government set out today:
HIGH SPEED RAIL: The Chancellor has commissioned Sir David Higgins, the chairman of HS2, to look specifically at a high speed East-West connection.
ROADS: There will be feasibility studies looking at improvements for the A1 North of Newcastle and the A1 Newcastle and Gateshead western bypass.
SCIENCE & TECHNOLOGY: The Chancellor has asked Sir Mark Walport, the Government Chief Scientific Adviser, to develop a proposal for a major new science facility in the North of England, which draws on the strengths of Northern Universities and is global in its ambition.
The Chancellor of the Exchequer, George Osborne today set out the government’s vision for what he calls a "northern economic powerhouse".
The Chancellor spoke as he welcomed the publication of a report on the future of the northern economy by the city regions of Leeds, Liverpool, Manchester, Newcastle and Sheffield.
The report – "One North: Superconnected Cities" – sets out a vision for the economy of the North of England for the next 15 years and includes plans for greatly improved rail connection between Newcastle and other major cities. While welcoming today's report, the Chancellor George Osborne made no commitment to accepting or funding all of its findings or demands. However he promised that the government will take today’s report and work on delivering its "component parts".
Five cities in the north of England, including Newcastle, have combined forces to draw up plans which would transform the rail network in the region.
The "One North: Superconnected Cities" plan has been presented to the Chancellor, George Osborne, today.
It is the result of an alliance between councils in Newcastle, Manchester, Liverpool, Leeds and Sheffield.
If adopted the 15-year plan would make journeys between those cities up to 55% faster - and would improve Newcastle's links with ports and airports.
It would also deliver new trains running on a dedicated 125mph trans-Pennine rail route.
Leeds and Sheffield are among cities in the north of England which will unveil a £15 billion plan to improve road and rail connections in the region.
The joint One North report will include plans for a new 125mph inter-city rail link, faster links and better access to ports and airports.
It has been developed by five cities - Leeds, Liverpool, Manchester, Newcastle and Sheffield.
It comes after George Osborne said faster links could create a "northern global powerhouse".
The report will be presented to the chancellor in Manchester later.