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<p>While it is clear that we do now face a significant economic challenge as a result
of the referendum decision, the UK economy is well placed to respond. Over the last
six years we have taken a series of difficult decisions in order to rebuild our economy.</p><p>
</p><p>The government has invested in the Northern Powerhouse, securing agreement
to elect five new powerful mayors across the north, and making substantial investment
commitments in transport, science, research and culture. The employment rate in the
North is close to record highs.</p>
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