Autumn Statement 2016: A Northern Powerhouse strategy has been published by the government, with an additional £556m committed for northern local enterprise partnerships.
The fund will be awarded through a third round of growth deals and will help LEPs make investments to support local economic growth.
Four new projects have been successful in bidding for business case development funding with the existing Local Majors Fund:
• The A1079/A164 Jocks Lodge Junction (East Riding)
• Tees Valley East-West connections
• Sheffield Supertram renewal
• The Warrington Waterfront Western Link
The government has said it has signed off the £400m Northern Powerhouse Investment Fund, which was subject to £50m of European Investment Bank funding. This 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 for their new functions, allowing 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 will appoint sector and infrastructure/regeneration specialists based in the North who will have detailed knowledge of opportunities and business networks.
It will also support missions overseas to promote the Northern Powerhouse, and major export and investment events in the North.
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