It was in 2014 that the then chancellor, George Osborne, used the phrase “northern powerhouse” at the Museum of Science and Industry in Manchester. His speech was set against a backdrop of steam-powered engines that had driven the Industrial Revolution in the 19th and early 20th centuries. But five years on, what exactly has been done to drive the north of England’s economy forward?

Certainly, as a slogan, the northern powerhouse has helped to put the north on the political map. And it has also provided a focus for the area to make the case for greater investment and devolution of powers. The phrase is powerful too because it invokes a visceral response, one of identity, innovation and dynamism, which speaks to northerners’ desire for a greater level of self-determination. We’ve seen this most recently in the #PowerUpTheNorth campaign, in which 33 newspapers across the region worked together to demand devolution of powers and resources to the north.

But beyond the rhetoric, the northern powerhouse has helped to usher in a new era of devolution, with directly elected mayors in Greater Manchester, Liverpool City Region, Tees Valley, Sheffield City Region and, most recently, in the North of Tyne. Similarly, the momentum behind the northern powerhouse has arguably accelerated pan-northern co-operation and collaboration, particularly through the establishment of Transport for the North as the first subnational statutory transport body, and the collaboration between the 11 local enterprise partnerships in the region.

And there is evidence that the north’s economy has strong foundations, with productivity growing at a faster rate than London between 2014 and 2017 and jobs being created at a greater rate than the UK average.

However, the ability of the northern powerhouse initiative to deliver has been seriously undermined by austerity. There has been a £3.6bn cut in public spending in the north of England since 2009/10, with 37,000 fewer public sector workers too. This has not just driven down local economic demand but has reduced the capacity of local government to act in the interests of their areas.

Also, when it comes to driving improvements in the everyday economy of people’s lives, the statistics tell a slightly different story. There are 200,000 more children living in poverty in the north since 2014. There are also 150,000 more people earning less than the real living wage – currently £9 per hour. Set against a backdrop of welfare reform, it is clear that many people living and working in the north are not seeing the benefits of increased productivity in their pockets.

The failure of the northern powerhouse to engage with these stark realities and to devolve power and resources could risk the agenda running out of steam. Because, while progress has been made, the initiative has been overly reliant on a conventional economic approach that has prioritised city growth, trickle down and property investment-led regeneration.

If this policy intervention is to survive, it needs to evolve into a meaningful programme of change.

Here in the north, people need to see a change in who holds power, a change that brings economic prosperity for all northerners, and change that creates a fairer region in which to live and work. If Westminster fails to support this change, it will only exacerbate the sense of political and social disconnection that continues to make people feel not just left behind but kept behind.

A better north is possible, but it needs a new approach. It cannot simply be about replicating a “new London in the north” that will simply import the capital’s economic problems – northerners demand and deserve better. So, five years on from its launch, the northern powerhouse must think beyond big city growth in isolation and recognise the potential of smaller towns, cities and rural areas.

And it needs to be driven by northern leaders, with access to real resources, rather than by Westminster. Done right, it could be the means by which to realise the north of England’s huge economic and human potential and would benefit other regions and the UK as a whole.

• Sarah Longlands is director of thinktank IPPR North