The North of England receives one of the lowest levels of investment among advanced economies, a think tank has said.
Greece would be the only OECD nation to see less public and private investment, if the region was a country, according to a new IPPR North report.
Researchers found the UK as a whole ranks 35th out of the 38 OECD countries in terms of receiving the least investment.
Slovakia, Poland and Hungary all enjoy more investment than the UK.
If the OECD average was applied to the UK for 2017 to 2020, £397bn more would have been invested.
The report said the UK and the North are being held back by “vast inequalities” and “systematic underinvestment” in research and development, social infrastructure and transport.
The extent of regional disparities is shown in the report, including how productivity is around £7 lower per hour worked in the North than the England average, while hourly pay is £1.60 lower than the rest of England.
Northern mayors, Levelling Up Secretary Michael Gove and Labour’s shadow levelling up secretary Lisa Nandy are all set to attend Convention of the North today – a gathering of business, political and civic leaders from the region.
Political leaders in the region will argue that levelling up the North and South should be “hard wired” into UK law as they call for more long-term funding as opposed to the current competitive bidding system.
Ms Nandy will accuse the Conservatives of having “written off” areas that once fuelled the UK economy, while Mr Gove will say his government has over “the greatest transfer of power form Whitehall to local leaders across England in modern times”.
Read more: Sunak denies favouring South with levelling up allocations
Marcus Johns, IPPR research fellow and report author, said: “Of all the advanced economies around the world, ours is the most…
