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UK Chancellor John Healey announces £150m Northern scale-up fund
Chancellor John Healey has announced a series of economic initiatives ahead of the UK's Autumn Budget on 28 October. A central component of his strategy is a £150 million fund from the British Business Bank designed to support high-growth scale-ups and university spinouts in the North of England, with individual investments ranging from £5 million to £15 million.
Healey’s economic agenda emphasizes decentralization, aiming to drive growth in every postcode by empowering city regions and local leaders to develop industrial strategies. This approach seeks to use public investment to unlock private capital and stimulate innovation. However, the Chancellor faces significant pressure from business groups like the CBI, which warned that high business costs—including taxes and energy bills—are hindering investment. The London Chamber of Commerce and Industry has also urged the government to lower the cost of doing business to maintain international competitiveness.
Fiscal discipline remains a primary concern for the Treasury. Healey noted that debt interest payments now consume £1 in every £10 of government spending, a figure he stated is larger than the combined spending on Defence, the Home Office, and Justice. While Healey has pledged to meet all fiscal rules and maintain a buffer against economic uncertainty, he has refused to rule out potential tax increases in the upcoming Budget, citing the need to avoid fueling speculation.
Entities
Alexandra Depledge · Andy Burnham · British Business Bank · CBI · John Healey · London Chamber of Commerce and Industry · Treasury · United Kingdom
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 4 SOURCES] The government is allocating £150 million from the British Business Bank to support a scale-up fund for businesses in the North of England. srnnews.com · www.cityam.com
- [● 3 SOURCES] The Northern scale-up fund will provide investments ranging between £5 million and £15 million per company. srnnews.com
- [○ 1 SOURCE] Entrepreneurship adviser Alexandra Depledge warned that economic growth requires business productivity rather than just increased government spending. agf.org.uk
- [● 3 SOURCES] The Chancellor refused to rule out potential tax increases in the upcoming Budget. www.moneymarketing.co.uk · www.independent.co.uk · www.standard.co.uk
- [● 3 SOURCES] The government plans to devolve more power to city regions to develop local industrial strategies. srnnews.com · www.cityam.com
- [● 5 SOURCES] Chancellor John Healey confirmed the upcoming Budget will take place on 28 October. srnnews.com · www.moneymarketing.co.uk · nation.cymru · www.cityam.com
- [● 2 SOURCES] Debt interest payments currently account for £1 in every £10 of government spending. www.moneymarketing.co.uk · ukdefencejournal.org.uk
- [○ 1 SOURCE] UK businesses paid approximately £345 billion in taxes during 2025-26. bmmagazine.co.uk