Manchesterism needs a national investment champion if it is to deliver for UK plc

For the UK, that test now feels particularly important.

In a recent article, I argued that so-called “Manchesterism”, a term associated with Andy Burnham, could be pro-growth because it has the potential to give the UK a stronger investment story, allowing places to build clearer, more distinctive propositions around their own strengths.

But investors do not just want to know that regions have more power. They want to understand where the opportunities are, who is responsible for delivery, how national incentives and local plans fit together, and how quickly projects can move from interest to implementation.

That is why, in my view, the absence of a clearly identified Minister for Investment is so important. More than two weeks after Lord Stockwood ceased to hold the post, the GOV.UK page for the Minister for Investment role does not currently identify a postholder. The role itself is significant because it covers investment strategy, investor relations, investment events, the Office for Investment, inward investment and foreign direct investment.

To be clear, this is not about pulling power back to Whitehall. It’s about recognising the need for someone at the centre of government helping to connect national industrial strategy, local growth plans, Industrial Strategy Zones and the practical decisions investors need to make.

Ambition matters, but if the UK wants to compete more effectively for international investment, it needs to make the investor journey as clear as possible. A crucial part of that is making sure a more devolved investment model does not become fragmented in practice.

Irwin Mitchell’s recent Freedom of Information research into mayoral combined and combined county authorities underlines the point. The study found that many regions are taking positive steps to build inward investment capability, with nine of the 11 responding mayoral authorities having some form of dedicated inward investment team or function.

However, it also revealed significant differences in how regions track enquiries, measure conversion into realised investment projects, resource their teams and publish targets. Six of the 11 responding authorities recorded whether inward investment enquiries converted into realised investment projects, while only one reported published annual targets relating to inward investment projects and job creation.

These findings should not be read as criticism of metro mayor regions. Many of these authorities are still developing their investment capability, and several said inward investment activity is being developed through wider growth strategies, investment prospectuses, emerging strategies or partnership arrangements rather than standalone inward investment strategies.

But the research does highlight a practical challenge. If regions are building investment capability at different speeds, the UK needs a stronger national framework to make sure opportunities are not missed and investors can understand how local propositions fit into the wider UK offer.

Previous Ministers for Investment have helped bring energy, visibility and focus to the UK’s pitch as a destination for global capital. That matters because inward investment is not secured by policy alone. It depends on confidence, relationships and the ability to show overseas investors that the UK has a coherent national offer, strong regional propositions and a clear route from interest to delivery.

The UK certainly does not lack assets. It has world-class universities, a trusted legal system, deep professional services expertise, strong regional economies and established strengths in sectors that global investors are actively targeting. The challenge is making sure those strengths are presented coherently and backed by a system that helps projects move from interest to delivery.

At Irwin Mitchell, we see this first-hand through our work with international clients, referrers and investment networks. The firm’s recent King’s Award for Enterprise in International Trade recognised its sustained international growth and its contribution to supporting overseas businesses investing in the UK. It also reflected our longstanding commitment to foreign direct investment, including work highlighting the economic value of overseas investment to UK regions and contributing to discussions around the UK’s competitiveness on the global stage.

That experience has reinforced a consistent point. Overseas investors value clarity. They need to establish operations, acquire businesses, access property, recruit talent, manage risk and navigate the UK’s legal and regulatory landscape. They also need confidence that national and local partners are aligned, and that the path from interest to implementation is understood.

Devolution can help unlock regional strengths. Industrial Strategy Zones can provide focus and incentives. Local growth plans can show where opportunities are, and a clear national investment voice would help ensure these initiatives work together as part of one compelling UK proposition.

The message to global investors is that the UK is open for business and that it knows how to help investment happen. To deliver that message credibly, government needs clear ownership of inward investment at the centre, working alongside mayors, combined authorities, the Office for Investment and the private sector.

That role should not override local leadership. It should amplify it, coordinate it and make sure investors understand the full UK offer.

“It’s the economy, stupid” may be a political slogan from another era, but the lesson is highly relevant today. Manchesterism can be part of that story, but if it is to support growth, attract global capital and show that UK plc is open for business, it needs someone at the centre helping to make sure the pieces fit together.