Government Launches £700m Fund to Unlock 10 Major UK Investment Sites

The Government has announced a £700m funding package to help unlock up to 10 major industrial and commercial investment sites across the UK, with mayors and local leaders being invited to identify opportunities for development.

The new Strategic Sites Accelerator, launching on Monday 2 November, aims to attract up to £2 billion in private investment and support tens of thousands of jobs over time as part of the Government’s wider reindustrialisation strategy. The programme will focus on commercially viable sites with strong investor demand, where government support could help overcome barriers preventing development. These include planning restrictions, grid connection challenges and access to finance. The £700m package will provide a combination of loans, equity investment, targeted grants and technical expertise to help bring forward projects and encourage private sector investment.

The Accelerator is already engaging with potential sites in Glasgow, Burgess Hill and Sheffield, providing technical support and expertise to help progress investment opportunities. Further opportunities are being explored across Greater Manchester, West Yorkshire, the West Midlands, South Yorkshire, Liverpool City Region, the North East, Glasgow City Region and Cardiff Capital Region. The programme will also be open to projects across every nation and region of the UK, including science parks, advanced manufacturing facilities and innovation districts.

The Office for Investment and the National Wealth Fund will work together to deliver the initiative, with CBRE appointed as its National Delivery Partner. The organisations will work with investors, developers and regional authorities to identify commercially credible projects and address barriers to development. No10 North will also work alongside the programme and local leaders to identify investment opportunities and share pipelines of priority projects in support of the National Economic Council. The initiative forms part of the Government’s Industrial Strategy, with a focus on high-growth industries including advanced manufacturing, digital and technology, defence and life sciences. The Government says the programme will help create well-paid employment opportunities, strengthen regional economies and attract investment into communities across the country. It follows the Chancellor’s Budget last week and forms part of wider efforts to give mayors and local leaders additional powers and resources to attract major investment.

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 £700 million 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 10 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.”