Greater Manchester is positioned in North West England and is the third most populated region in the UK, after Greater London and the West Midlands.
The Gross Value Added in the Greater Manchester region is £62.9 billion, which puts the region behind Greater London as the 2nd largest in the country. Furthermore, the business operating costs are regarded as 40% lower than London which make the city more attractive for foreign direct investments.
The Northern Powerhouse program is designed to encourage economic growth of Northern England, particularly in the core cities of Manchester, Liverpool, Leeds, Sheffield, Hull and Newcastle. This proposal includes improvements in transport and investment in science and innovation. The government's investment in the northern development will contribute towards strengthening educational institutions, research bodies, start-ups and the job market; This will increase the region's gross value added (GVA) by over 6.6 billion pounds.
In addition, by 2020, more than 13 billion pounds will be invested in the transportation industry to improve and add to its infrastructure. Additionally, it will create a streamline public transport network and improve the motorway connection between the north and south. All of these are expected to attract tourists, and foreign and local investors.