Ep 45. Inclusive Capitalism, Regional Investment, and Why the North Can't Wait

Welcome to the 'This Is The North Podcast, your source of transformative conversations. An intentional challenge to the systems holding back the North of England. Hosted by Alison Dunn.In this episode, Alison is joined by Sir Nigel Wilson, Chairperson of the Canary Wharf Group and former longtime CEO of Legal & General, and an advocate of "inclusive capitalism." Nigel reflects on growing up in County Durham, his belief that the UK must be bolder in seizing opportunities, and his view that Newcastle and the wider region have "muddled through" due to a lack of leadership, investment, and ambition.He compares the UK's pace of change with the US and China, argues that robotics and automation will help drive growth, and highlights UK strengths including world-leading creative industries and top universities, several of them in the North, while criticising over-regulation and a lack of incentivisation.Nigel outlines his path from Essex University to MIT on a Kennedy Scholarship, a pivotal moment that moved him from academia to McKinsey, and reflects on generational advantages like free university education and cheaper housing, arguing his generation needs to give back by supporting younger people with jobs that pay real wages.The conversation explores inclusive capitalism as the opposite of "exclusive capitalism", broad access to skills, capital, and support so more people can build and scale businesses. Nigel explains why he deliberately pushed for investment outside London, argues the UK economy won't grow unless towns and cities beyond London grow, and says "levelling up" was never implemented meaningfully. He believes the world is "awash with money," but the UK is failing to connect private capital with productive regional opportunities.He shares examples of how US states actively courted investment, discusses the importance of networks among devolved mayors, and draws lessons from leading Canary Wharf (Europe's biggest regeneration project). He also explains why he prefers business over politics, calling HS2 a poor capital allocation versus investing in intra-city transport across northern cities.Looking ahead, Nigel says the North could become home to some of the best cities in the world, pointing to rapid transformations like Shenzhen and Austin. He references initiatives including Sunderland's battery factory and a data-centric project in Blyth, but argues the region needs much more entrepreneurial activity and better access to capital.Timestamps: 00:00 Leadership, investment, and ambition 01:26 Growing up in County Durham 01:59 Optimism as a mindset 02:45 UK vs China and the US 04:05 From Essex to MIT to McKinsey 05:58 A selfish generation? 06:58 Leadership and mentors 07:55 Why it's easier than ever to start up 08:57 What is inclusive capitalism? 10:05 Beyond London 11:32 Private capital vs public leadership 14:04 What northern cities need 16:17 Mayors, networks, and learning from America 17:20 Proving it works 21:20 The North in 10–20 years This conversation is a reminder that the money exists, the talent exists, and the ambition exists and what's missing is the will to connect them. Sir Nigel Wilson makes the case that the North isn't a charity case, it's an investment opportunity the UK keeps ignoring.Host: Alison Dunn Guest: Sir Nigel WilsonThis podcast is produced by Purpose Made. Hosted on Acast. See acast.com/privacy for more information.