Kevin Duffy, regional managing partner in the North West at leading audit, tax and consulting firm RSM UK, said: “With a new government in place, a reported £22bn financial black hole and pending increased regulatory and tax pressures, businesses in the North West are bracing for a potentially painful Autumn Budget. However, as the UK economy continues its revival, driven by expected interest rate cuts in Q4, consumer spending and business investment, it’s important that investment is distributed evenly to ensure inclusive growth throughout the UK economy.

“The North West accounts for a significant amount of the UK’s GDP, but there’s potential to unlock further investment through the region’s advanced manufacturing, media and technology sectors.

However, in order for these industries to thrive, government needs to make fairer transport decisions informed by Transport for the North and the Northern Powerhouse Partnership.

North West businesses are held back by limited connectivity, which restricts their access to skilled labour and wider interactions with UK and overseas businesses.”

He added: “But, there is some good news on the horizon, with proposals for a Midlands-Northwest Rail Link (MNWRL) to better connect towns and cities in the North and Midlands, designed to boost jobs, skills and growth. After nearly a decade since the term “Northern Powerhouse” was introduced, this finally feels like the change in momentum Northern businesses have been waiting for. As the government continues to engage with local authorities on its infrastructure strategy, the MBWRL offers a viable transport alternative following the derailed HS2 route and it will help level the playing field.”