UK Chancellor John Healey announces £150m fund for northern firms

Chancellor John Healey has outlined a strategy to drive UK economic growth through an ‘active state’ model, including the unveiling of a £150 million fund for fast-growing firms in the North of England. Managed by the British Business Bank, the fund will provide investments ranging from £5 million to £15 million to support innovative companies and university spin-outs, aiming to attract additional private capital.

In addition to the new fund, the National Wealth Fund will establish strategic partnerships with mayoral authorities in South Yorkshire, the Liverpool City Region, the North East, and the Cardiff Capital Region to assist with infrastructure projects. Healey emphasized that these measures are part of a broader mission to spread growth more widely across the UK ahead of his October 28 budget.

However, the Night Time Industries Association (NTIA) has expressed concern regarding the Chancellor's refusal to rule out further tax increases. NTIA CEO Michael Kill warned that the night-time economy, which has already seen a loss of 23,000 businesses due to rising costs and tax burdens, requires stability to recover and avoid further job losses and reduced tax revenue.