The Greater Manchester Combined Authority (GMCA), led by Mayor Andy Burnham, has set ambitious economic targets to boost the region's growth. However, experts argue that a more nuanced approach is needed to ensure the city's prosperity. According to a recent report, the GMCA's economic strategy must prioritise investment in infrastructure, innovation, and skills development to create jobs and stimulate economic growth.
A balanced approach, experts say, is essential to address the city's specific needs and challenges. This includes investing in transport links, such as the ongoing HS2 project, to improve connectivity and attract businesses. Additionally, the development of innovation hubs and start-up incubators can foster a culture of entrepreneurship and drive economic growth.
The report also highlights the importance of investing in people, particularly in skills development and education. This includes initiatives to upskill the existing workforce and attract top talent to the region. By doing so, the city can build a strong foundation for future economic growth and prosperity.
Opposition parties have welcomed the report's findings, calling for a more collaborative approach to economic development. Shadow Chancellor of the Exchequer, Rachel Reeves, said, 'We agree that a balanced approach is needed to boost the city's economy. However, we need to see more concrete action from the Burnham government to deliver on their promises.'
The GMCA has committed to reviewing its economic strategy, with a focus on delivering more jobs and economic growth. However, the exact timeline for this review is yet to be confirmed. In the meantime, experts warn that the city cannot afford to wait and must take immediate action to address its economic challenges.