Right now, in the UK it feels as though change is the only constant. In fact, at the time of writing weare still waiting to see what plans Rishi Sunak’s new Government will have for the regions.

While significant UK-wide economic challenges are putting pressure on everyone, the strength of the region as a hub of innovation and future potential needs to shine through.

Whether we call it levelling up, the Northern Powerhouse, or a focus on growth, our ambitions across the North should remain the same. We need to maintain our competitive edge among our counterparts – major regional economies across Europe – and give people and businesses even better opportunities to flourish here.

Siemens has a stake in the success in the North. Our UK HQ is in Manchester, and we also operate factories and facilities across the region and our ability to collaborate with others in the region has delivered tangible benefits for us and others.

Challenges like net zero, our national energy security, the increasing costs of living and doing business sit alongside regional challenges like upgrading our infrastructure and modernising as a major industrial hub.

Yes, many of the ways we want to drive growth in the current economic climate will not be easily solved and will require time, money, effort and, crucially, a plan. Opportunities are there for the taking though.

Take net zero in our communities as an example. A challenge in its own right, but also a potential solution to other issues. Decarbonising infrastructure and industry will require significant investment. The longer we delay the harder it will become too.

It has been estimated that delaying decarbonisation even by one decade doubles the cost of getting there ahead of the UK’s 2050 Net Zero target.

The imperative towards net zero is being backed by the capital markets, which have recognised that robust, environmentally sustainable practices can weather volatility and boost return.

By acting, we can create high quality jobs in the region, future-proof our economic hubs across the North, and lay the foundation for future sustainable growth.

Building a strong northern economy means building a sustainable northern economy. Equally, our heritage as an industrial powerhouse gives us huge opportunities to lead the growth in digitalisation across industry.

Our tech clusters in major cities and the work many across sectors are doing to digitalise their processes provides us with opportunities to significantly shift the dial for UK productivity. While the current economic backdrop creates a need to ensure every investment has to provide real and tangible benefit, I’d argue that this shouldn’t deter the North from taking action.

It does however mean that local leaders across the public and private sector need to be thinking about where challenges are converging and creating opportunities. Investment, skills, job creation and ultimately bold action that the north is known for is what will help us navigate these pressures.

It’s why we’re excited to welcome other like-minded businesses to the Great Northern Conference 2022 to get to the heart of how we can build an even better future for the North – whether we’re a powerhouse, a levelled-up region or simply a growing and flourishing economy.

Carl Ennis is CEO of Siemens GB and Ireland. The company is sponsoring the Great Northern Conference in Manchester on November 23.

Great Northern Conference can lay foundations for better future for region: Carl Ennis