Chancellor John Healey launches £150m fund for northern UK firms
The Chancellor plans to deploy £150m through the British Business Bank to stimulate innovation and job creation in the north of England ahead of the October Budget.
Chancellor John Healey is preparing to announce a new fund valued at £150 million. This financial package originates from the British Business Bank and targets companies operating across the north of England. The specific investments offered through this scheme will range between £5 million and £15 million per project. Healey stated that the goal is to utilize public investment to attract private capital and support innovative businesses, including university spin-outs. He emphasized a need for a fundamental shift in where economic power is held. Political opponents have criticized the proposal as insufficient relief for families and businesses. This announcement occurs shortly before the first Budget is scheduled for 28 October.
