Major commitment for North in Autumn Statement

KEY northern road routes will be upgraded as part of the Government’s second Roads Investment Strategy (2020 to 2025) under plans revealed in the Autumn Statement.

Included is the M60 in the North West and the Government said it will continue to examine the case for improving connectivity between Sheffield and Manchester.

Meanwhile, a Northern Powerhouse strategy has also been published, with an additional £556m committed for northern local enterprise partnerships (LEPs).

It will be awarded via a third round of growth deals and will help LEPs make investments to support local economic growth.

One of new projects have been successful in bidding for business case development funding with the existing Local Mayors Fund, is the Warrington Waterfront Western Link.

Chancellor Philip Hammond also has signed off the £400m Northern Powerhouse Investment Fund, which is subject to £50m of European Investment Bank funding.

The fund, combined with the North East’s fund for SMEs, is expected to facilitate more than £500m of investment in northern businesses.

Greater mayoral powers for devolved authorities will include powers to borrow, clearing the way for them to invest in infrastructure, subject to agreeing a borrowing cap with the Treasury.

The Government will also consult on lending local authorities up to £1bn at a new local infrastructure rate of gilts plus 60 basis points for three years to support infrastructure projects that are high value for money.

Further key pledges include continuing to build international understanding of the ‘northern offer’ to increase the number of foreign direct investment projects that land in the region, and the number of companies that successfully export from the region.

The Government is also to appoint sector and infrastructure/regeneration specialists based in the North with detailed knowledge of opportunities and business networks.