Stronger local leadership and faster transport links between northern cities are essential for Britain to recognise its potential to become Europe’s leading tech centre influential think tank, Policy Exchange has said. The study echoed findings by the UK Business Angel Association that angel and venture capital investment is dominated by tech companies in London and the south east. But the report emphasised the powerful potential a “cluster of clusters” in the north offers the UK economy.
Going somewhere, slowly
Slow transport links between northern cities appear to have hampered the technology sector. Tech’s tendency to form ‘clusters’, geographic concentrations of interconnected companies, makes transport links crucial for fledgling tech companies. While money is poured into links with London, trains move between the north’s biggest cities at an average speed of less than 50mph. On average trains move between the north’s biggest cities at a lethargic 46mph yet cities such as Manchester, Leeds and Sheffield enjoy a comparatively brisk 78mph connection with London. It’s unsurprising that over half (55%) of university graduates from Yorkshire and the Humber head south after they graduate.