Chancellor John Healey will on Friday set out a package intended to broaden the geographic distribution of economic growth across the United Kingdom, including a new £150 million fund aimed at supporting firms in the north of England. The announcement comes as part of the lead-up to his first Budget as chancellor.
Fund for northern firms
Officials said the £150m will be directed to businesses based in northern regions to help stimulate investment, support expansion and encourage job creation. The chancellor intends the funding to form a central plank of a wider growth strategy designed to reduce the concentration of economic activity in the south.
A broader growth agenda
The plan will be presented as one element of a broader attempt to spread prosperity more evenly across the country. While details beyond the size and regional focus of the fund have not been disclosed in full, the chancellor is expected to outline how this measure fits into a series of policies to raise regional growth.
Budget context
The announcement precedes Mr Healey's first Budget, which will set out the government's fiscal priorities and provide more comprehensive detail on economic plans. Observers say the package will be watched closely for indications of how the government intends to tackle long-standing regional disparities.
Further specifics of how the £150m will be allocated, the criteria for businesses to access the money, and the timeline for delivery are expected to be published alongside the Budget.