Powerhouse Perspective: Nicki Clark
Insider Media's "Powerhouse Perspective" feature provides a comprehensive analysis of the Northern Powerhouse initiative, with this instalment focusing on our CEO, Nicki Clark. This regular series engages diverse business experts from across the North, gathering their insights on key issues, and forms a core component of Inside Media's weekly Northern Powerhouse newsletter.
Nicki Clark OBE – UMI Chief Executive
UMi is a leading independent, employee-owned business finance, funding and support organisation that operates UK-wide. It has worked with over 675,000 companies across all sectors to invest £330m in grants and loans, unlocking £660m in private investment, creating/protecting over 43,000 jobs, and enabling contract wins worth circa £200m+.
What does the Northern Powerhouse mean to you? For me, the Northern Powerhouse represents and reflects the incredible talent, ambition and opportunities that we have here in the north of England. What sets the Northern Powerhouse apart is its spirit of collaboration across the regions, working together to unlock shared economic potential. The region’s world-class universities, thriving digital and advanced manufacturing sectors, and leadership in clean energy and green innovation are testament to our ability to adapt and lead in a changing world. Furthermore, our key characteristics, like our natural assets and resilience, create a place and culture that is very much underpinned by innovation, sustainability and an unwavering determination.
Eleven years have passed since the phrase 'Northern Powerhouse' was first coined. Has enough happened since then? I believe it has certainly helped to foster collaboration among our many industries and the organisations operating within, regardless of size, as well as create and ‘identify’ investments to help drive forward the northern region, for example, the British Business Bank’s Northern Powerhouse Investment Fund. It feels, however, like there are opportunities to do so much more too – I’d like to see how we can leverage the recently launched ‘The Great North’ and established Northern Powerhouse Partnership to facilitate practical trade opportunities for businesses. So many only trade within a very small radius of where they’re based. If we can support, encourage and accelerate geographical expansion, especially for SMEs, the economic impact could be transformational.
How is the appointment of metro mayors starting to help the initiative? It’s great to see the mayors working more closely together with enhanced collaboration across the public sector. The commitment to the principles of the Northern Powerhouse, especially through the launch of 'The Great North' (and an increasingly coherent agenda around what each may bring by way of assets and opportunity) is an extremely positive way to deliver the best for the northern regions.
What needs to be done to help the North recover from the recent economic challenges? We must create an environment where businesses feel as confident about trading overseas as they do about trading within UK shores. To support that, businesses being able to access the right finance and funding through all stages of growth, from initial launch right through to scale-up, is crucial. Much has been done to tackle the challenges in the north around availability or the ‘supply’ of finance, and there is probably still more to be done. However, more must be done to ensure that business and industry leaders have the knowledge and skills to secure that finance.
What is the single main issue you would like to see dominate the Northern Powerhouse agenda? Whilst I think we need focus and clarity, I don’t think a strategy that addresses one issue alone will achieve our full potential. I would like to see a bold and ambitious plan that reflects a long-term view and clarity on which ‘assets’ we are going to back.
Is there enough collaboration between towns and cities across the North? This is happening more and more and it’s great to see that our mayors are leading the way with an increasingly collaborative, joined up approach. It is resulting in a stronger voice and in turn, a more powerful message that the north is a fantastic place to invest and do business. How this translates and filters down to connect smaller, local businesses and communities may be something that needs greater exploration and support, but this is something UMi has found success in, continuously striving to improve access and be the connector to those that need it.
How would the success of the Northern Powerhouse agenda benefit your business? If we continue promoting and demonstrating that the north of England is a fantastic area to invest, live and work, all businesses (and their employees) will benefit. Critically, continued inward investment is key as there are limited investment resources within the Northern Powerhouse region so we must apply strategies that attract positive attention and help deliver new investment from the private sector.
The benefit of this will be increased revenue opportunities for individual businesses, greater access to skills and local talent, and fundamentally, increased recognition that the north is a key driver of growth and a powerhouse for the whole of the UK.