The North East may get a major new industrial site as part of a £700mn project under which regional mayors including Kim McGuinness will work with Number 10 North to identify suitable locations.
Starting this week (2 November), the Strategic Sites Accelerator will deploy around £700mn alongside expert support to help unlock between six and ten industrial and commercial sites across the country, helping some of the UK’s most promising investment opportunities get off the ground.
The programme aims to attract up to £2bn in private investment and could support tens of thousands of jobs over time, said the Department for Business, Innovation, Science and Trade (DBIST).
North East Mayor Kim McGuinness and other regional mayors and leaders will work with Number 10 North, the government’s northern headquarters in Manchester, to identify opportunities.
The Accelerator will use the funding in equity, debt and targeted grants to tackle barriers to site development including planning, grid connections and access to finance.
Viable sites
It will focus on commercially viable sites with strong investor demand, where government backing can help overcome the barriers stopping development from moving ahead, and will tackle the key barriers holding back high-potential sites that could support Britain’s reindustrialisation.
The Accelerator will support sites in a range of ways, from loans and equity and targeted grant funding to technical expertise, bringing government, local partners and developers together to tackle specific barriers.
Marking a major step forward for the Government’s Industrial Strategy, said the DBSIT, the scheme aims to unlock up to ten strategic sites across the UK’s high-growth sectors like advanced manufacturing, digital and tech, defence, and life sciences.
Chancellor of the Exchequer John Healey said: “Local leaders know their communities best. Only by trusting them with real power and resources will we see change. This £700mn package is helping break down the barriers to local growth, so people can feel the benefits of a growing economy and love where they live.”
Business Secretary Jonathan Reynolds said: “Britain’s potential is everywhere, but we hear the same old arguments all too often – outdated infrastructure, insufficient access to finance, and problems with planning.These are barriers that hold back investment, block new jobs, and shackle our potential, and we need to do more to empower our local leaders and help drive the growth their communities deserve and expect.
“This programme will get the ball rolling for up to ten of the UK’s most important potential sites, attract billions in investment, unlock tens of thousands of good-quality jobs in the years ahead, and bring good growth to every postcode.”
The Accelerator is already engaging on potential sites in Glasgow, Burgess Hill (West Sussex) and Sheffield with technical support and expertise, and will back mayors and local authorities with finance across the country.
As well as in the North East, this includes exploring investment opportunities in Greater Manchester, West Yorkshire, West Midlands, South Yorkshire, Liverpool City Region, Glasgow City Region and Cardiff Capital Region – building on the National Wealth Fund’s strategic partnerships in these regions.
Good growth in every postcode
The Accelerator will be open to sites across every nation and region of the UK, from science parks and manufacturing sites to innovation districts held back by viability constraints.
The government said the Accelerator marked the latest step in its drive to see good growth in every postcode following the Budget last week, alongside new powers and resources for mayors and local leaders to attract game-changing investment in their communities.
Chancellor John Healey has already announced that the government is giving mayors a greater stake in the growth they generate, with a share of business rates from 2027 and an assignment of income tax from 2028.
Friends of Bylines Network
There has never been a greater need for grassroots journalism that investigates the stories that really matter, holds power to account and champions the voices of everyday citizens. We are proudly powered by volunteers but what we do isn’t free.
STAND WITH US for independent, citizen-led journalism that makes democracy stronger, and you will even get some exclusive benefits.
