Chancellor to unveil growth plan with £150m fund for northern firms
Summary
The UK Chancellor, John Healey, will announce a £150 million fund to support innovative and fast-growing companies in northern England. This fund is part of a larger plan to stimulate economic growth across different regions by using public money to attract private investment.Key Facts
- Chancellor John Healey’s fund will invest between £5 million and £15 million in businesses.
- The £150 million comes from the British Business Bank’s existing money.
- The goal is to support university spin-outs and ambitious firms in northern England.
- The plan aims to create new jobs and boost innovation by combining public and private funds.
- Critics from Conservative, Liberal Democrat, and Reform UK parties have expressed doubts about the plan’s effectiveness.
- The announcement comes before the Chancellor’s first Budget on October 28.
- The UK government is facing challenges like rising borrowing costs and inflation pressures.
- The Chancellor emphasized shifting power to different regions to encourage growth outside London and the south.
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