An elected regional assembly is a unique opportunity for the North East business community. It would have substantial power and influence to create jobs and assist economic development in the region.

It would take over the running of regional development agency One NorthEast, which currently has to run its decisions past unelected civil servants 280 miles away in Whitehall, and make it accountable to the people of the North-East.

It would have real powers to make a difference and benefit the world of business. Skills and transport are two areas where it is easy to see how this will work.

The skills needs of the North-East are different to those elsewhere in the country and cannot be addressed by training providers simply meeting national guidelines. A regional assembly will lead the way in developing £200m of skills and training packages that employees want and employers need by working with training providers and bodies, such as the Learning and Skills Council, to ensure they are addressing regional rather than national priorities.

The current system does not allow this to happen. When it comes to transport, we have a number of major problems.

These issues, such as the upgrade of the A1 and the dire quality of the rail lines linking Middlesbrough, Hartlepool and Sunderland in with the East Coast main line, can only be solved at a regional level. Local councils cannot do it and the national government will not. An elected regional assembly is the only way to tackle this problem and improve our infrastructure to allow the business community to develop on a regional, national and global scale.

This is our chance to make decisions that affect our everyday lives here in the region.

Business can only benefit as a result, and that is why I will be voting Yes.

Bob Coxon is chairman of the Centre for Process Innovation on Teesside and of the Chemical Leadership Council in the North-East He is also a member of the CBI's North-East council.