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£556M cash investment for Northern Powerhouse

money

The Northern Powerhouse has received an input of £556M from the government today. The money will be part used to fund infrastructure projects.

The announcement was made as part of prime minister Theresa May’s visit to the North West, where she outlined the proposals for the new industrial strategy. The money has been given to 11 northern Local Enterprise Partnerships (LEPs), which are local forums made up of councils and business leaders, through a third round of Growth Deals - money from the governments’ Growth Fund to support local projects that improve areas such as skills and infrastructure.

Projects earmarked for the funding include the Goole Intermodal Terminal, which will link the town’s rail, sea and motorway and inland waterways infrastructure on one site. It will enhance freight links to Leeds and also link in the Aire and Calder canal. Other projects include money for new flood resilience infrastructure in Bradford, Calderdale, Craven, Kirklees and Leeds.

An International Advanced Manufacturing Park in Sunderland and South Tyneside will also be funded, as will a new conference centre in Blackpool.

The money was previously announced in the Autumn Statement, however today it was announced how it woud be allocated to the LEPs.

 

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