Chancellor John Healey is set to introduce a £150 million fund aimed at supporting innovative firms in northern England. This initiative is part of a broader strategy to stimulate economic growth across the UK, leveraging public investment to attract private capital. Healey's announcement comes ahead of his first Budget on October 28, amid rising government borrowing costs and inflationary pressures.
The fund, sourced from the British Business Bank, will provide investments ranging from £5 million to £15 million, targeting university spin-outs and ambitious businesses. Critics, including Conservative leaders, have expressed skepticism about the plan's potential impact on families and businesses facing economic challenges.