£400m investment fund to fuel the Northern Powerhouse

THE government has agreed to launch a £400m Northern Powerhouse fund.

The British Business Bank and Local Enterprise Partnerhips in the North made an agreement with the government to initiate the fund.

The £400m fund, bringing together the Yorkshire and Humber, North West and Tees Valley LEPs, will be used to invest in smaller businesses, subject to European funding arrangements.

The Northern Powerhouse Fund also provides £150m for the development of an Oyster-style ticketing system across the North.

Combined with a separate fund in the North East, this will make over £500m available across the Northern Powerhouse.

In conjunction with the creation of 26 new Enterprise Zones, with 15 in smaller towns and rural areas, and “historic settlements” with Greater Manchester which are being rolled out to Sheffield City Region as well as the North East, Tees Valley and the Liverpool City region, the Chancellor is seeking to prove the government’s commitment to independence for the North and the growth of the government’s ‘Northern Powerhouse’ concept. 

 

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