Theresa May will unveil her £556million plan later today
As part of her Modern Industrial Strategy plan – designed to kickstart a technology boom in the North of Britain – the Prime Minister claimed she will slash red-tape and use cash injections to bolster the region.
Theresa May’s ten point plan is part of her greater ‘Plan for Britain’ on how the UK can thrive outside of the EU – starting with asking businesses what bureaucracy affects their organisations.
Mrs May has promised that the Government will play an active role in supporting business development and will help to improve infrastructure and investment in innovation.
New “sector deals” and investment to support “industries of the future” will be pushed through in the area to create high-skilled, high-paid jobs.
The Prime Minister said: “The Modern Industrial Strategy will back Britain for the long term: creating the conditions where successful businesses can emerge and grow, and backing them to invest in the long-term future of our country.
“It will be underpinned by a new approach to government, not just stepping back but stepping up to a new, active role that backs business and ensures more people in all corners of the country share in the benefits of its success.”
Theresa May will hold a cabinet meeting in the North West
The new boost to the Northern Powerhouse project, long supported by former Chancellor George Osborne, will include developing a new Goole transport hub, a new conference centre and hotel in Blackpool and a £10million cash boost to help small and medium sized businesses in Greater Manchester and Cheshire.
An estimated 5,200 jobs will be created in Sunderland with the construction of the International Advanced Manufacturing Park, while flood reinforcements in Bradford, Calderdale, Craven, Kirklees and Leeds will help safeguard 11,000 jobs and 1,300 businesses.
And among the eleven councils to be granted the £556million as part of the deal, Greater Manchester will be been gifted with £130.1million, Liverpool City Region £72million and Leeds City Region £67.5million.
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Business & Energy Secretary Greg Clark said: “This is an important step in building a modern, dynamic industrial strategy that will improve living standards and drive economic growth across the whole country.
“A modern British Industrial Strategy must – build on the UK’s strengths and extend excellence into the future; close the gap between the the UK’s most productive companies, industries, places and people and the rest; and ensure we are one of the most competitive places in the world to start and grow a business.
“We are inviting businesses and workers to contribute to this vision to help us create a high-skilled economy where every place can meet its potential.”
Greg Clark hailed the new plans
Bosses welcomed the Government’s green paper outlining the cash injection.
Terry Scuoler, CEO of EEF, the manufacturers’ organisation, said: “This is an important first step towards creating a comprehensive, consistent and long-term industrial strategy that will help Britain adjust to a more globally-focused, post-Brexit economy.
“Manufacturing has a key role to play and we look forward to working with the government on crystallising this into a strategic framework that will work and deliver for industry.”