Prime minister Theresa May is set to unveil a £556m cash injection to the Northern Powerhouse later today when she launches the government’s industrial strategy.
At her first regional cabinet meeting today, May will announce the cash boost for the Northern Powerhouse to help create jobs, support businesses and encourage growth.
The funding will help to bankroll a new Goole Intermodal Terminal, which will see the Yorkshire town’s existing rail, sea, motorway and inland waterway links combined at one site.
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Plans for a new conference centre at the Winter Gardens in Blackpool to help the town re-establish its presence as a leading conference destination will also be announced.
In addition, plans to build an International Advanced Manufacturing Park in Sunderland and South Tyneside covering 100 hectares will also get a funding boost, there will also be an announcement of a £10m life sciences innovation fund for Manchester and Cheshire firms.
This latest award of local growth funding is on top of £2.9bn of Growth Deal funding already awarded to the 11 Local Enterprise Partnerships in the region – an investment which provides targeted financial support to locally-determined projects in order to unlock growth.
The 11 Local Enterprise Partnerships in the Northern Powerhouse that have already been awarded are:
- North Eastern £49.7m
- Cumbria £12.7m
- Tees Valley £21.8m
- York, North Yorkshire, East Riding £23.7m
- Lancashire £69.8m
- Humber £27.9m
- Leeds City Region £67.5m
- Liverpool City Region £72.0m
- Greater Manchester £130.1m
- Sheffield City Region £37.8m
- Cheshire and Warrington £43.3m
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Those in charge of this, I hope they don’t dish it out amongst themselves in the N.E with the bigger construction companies who probably have earmarked it for next year in the N.E. How many sole traders will gain from this? I expect very little unless they have a nod or a backing from others