Government-backed plan to boost North England business growth
The Northern 500 initiative, a Government-backed program, aims to unlock investment, accelerate growth, and create jobs for ambitious businesses in the North of England. The program will connect mid-sized businesses with finance, expertise, and opportunities to expand into new markets.
Led by The Great North partnership of mayors, the initiative is supported by major private sector partners, including NatWest Group, Lloyds Banking Group, and Sage, a Newcastle-headquartered technology giant. Funding for the program was confirmed in the Chancellor’s Budget.
An initial group of around 80 to 100 businesses will be identified through Northern mayoral strategic authorities ahead of the program’s formal launch in January 2027. The initiative aims to tackle barriers facing growing businesses, including access to investment, skilled workers, new technologies, and international markets.
Unlocking Growth Potential
Research from NatWest Group highlights the potential impact of the initiative, with more than 13,000 mid-sized UK businesses employing 7.3 million people and generating around £420 billion in economic value annually. Unlocking just one per cent additional growth among these firms could generate an extra £24 billion for the economy outside London and the South East by 2030.
Mayor Kim McGuinness, chair of The Great North, said: “The North is home to brilliant, ambitious businesses with the ideas, talent, and determination to compete with the best in the world. But too often, businesses with the potential to grow faster face barriers that hold them back.”
Partners Council Meeting and Media Support
The first Northern 500 Partners Council meeting took place in Newcastle last Wednesday. North East mayor Kim McGuinness and NatWest Group chief executive Paul Thwaite co-chaired the session. Businesses can use a daily bulletin to get their story in front of the right audience every day. Over 55,000 subscribers sign up for this morning bulletin to ensure their business or service is seen regionally and nationally.
Supporting Business Growth
NatWest and Lloyds will provide expertise in business finance and expansion, while Sage will support businesses with digital transformation, technology adoption, and innovation. The program will also work with organizations including the British Business Bank, National Wealth Fund, Great British Energy, and Royal Academy of Engineering.
Paul Thwaite, chief executive of NatWest Group, added: “The North is home to some of the UK’s most ambitious mid-market businesses, and we want to help them go further and faster. These companies create jobs, drive investment, and play a vital role in the economies and communities around them.”
Ben Aung, chief of staff at Sage, said: “Some of the UK’s most exciting and ambitious businesses are being built here in the North. Sage was founded in the North East 45 years ago and our own journey shows what is possible when businesses have the ambition, support, and opportunity to scale.”
