The Government has launched a search for 10 locations across the UK which will benefit from its Strategic Sites Accelerator.
A total of £700m funding and expert support will be deployed to ‘reindustrialise’ the sites. Mayors and local leaders are working with No10 North to drive the search for the ‘top 10’ locations.
Tackling the key barriers holding back high-potential sites – from access to finance, grid connections and planning constraints – it hopes that the blockers that can cool would-be private investors will be removed.
The Accelerator will support sites in a range of ways, from loans and equity and targeted grant funding to technical expertise, bringing government, local partners and developers together to tackle specific barriers.
The Government claims that tens of thousands of jobs will be created, while up to £2 billion in private investment will also be secured over time.
The Accelerator is already engaging on potential sites in Glasgow, Burgess Hill and Sheffield with technical support and expertise.
Among other potential recipients are locations in Greater Manchester, West Yorkshire, the West Midlands, Liverpool City Region, the North East and Cardiff Capital Region.
Bringing together the Office for Investment and the National Wealth Fund, with CBRE as its National Delivery Partner, the Accelerator will work with investors, developers and regional partners on commercially credible sites where there is genuine market demand, using finance and technical support to tackle the specific barriers preventing investment or development from going ahead.
No10 North will work alongside the programme and local leaders to support the government’s wider drive to identify investment opportunities across the country. This includes working closely with the Accelerator to exchange pipelines of priority projects in support of the National Economic Council.
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 £700m 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Jonathan Reynolds said: “Britain’s potential is everywhere, but we hear the same old arguments all too often – outdated infrastructure, insufficient access to finance, and problems with planning.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.”
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