Andy Burnham has launched a £700million package to accelerate reindustrialisation across the UK as part of his latest devolution drive.
The Strategic Sites Accelerator will deploy public capital to revive up to 10 major industrial and commercial developments that have stalled despite being commercially sound and backed by strong investor interest.
The programme targets up to £2billion in private-sector funding and could generate tens of thousands of jobs over time, according to Labour
Regional mayors and council leaders will be central to the initiative, tasked with pinpointing investment opportunities in their areas.
No10 North will also collaborate with the programme to support this effort nationwide.
Applications for the scheme remain open until January 19, 2027.
The scheme targets developments held back by obstacles such as planning constraints, difficulties securing grid connections, and limited access to finance, the Department for Business and Trade said.
Between six and 10 nationally significant projects stand to receive support through a blend of loans, equity stakes, targeted grants and technical expertise.
Sites eligible for backing span a broad range of sectors, including science parks, advanced manufacturing, defence, digital and technology, and life sciences facilities.
The initiative unites the Office for Investment and the National Wealth Fund under a single programme, with commercial property firm CBRE appointed as its national delivery partner.
The accelerator was originally set out as a component of former Prime Minister Sir Keir Starmer’s decade-long industrial strategy, conceived to revitalise faltering economic growth.
Chancellor John Healey said: “Local leaders know their communities best. Only by trusting them with real power and resources will we see change.
“This £700million 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.”
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Business Secretary Jonathan Reynolds argued that persistent complaints about ageing infrastructure, inadequate financing and planning difficulties had held the country back for too long.
He said: “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.”
Mr Reynolds added the programme would “attract billions in investment, unlock tens of thousands of good-quality jobs in the years ahead, and bring good growth to every postcode.”
The government confirmed it is already in discussions with local partners about potential developments in Glasgow, Sheffield and a proposed science and technology park at Burgess Hill in Sussex.
Further opportunities are being explored across Greater Manchester, West Yorkshire, the West Midlands, South Yorkshire, the Liverpool City Region, the North East, the Glasgow City Region, and the Cardiff Capital Region.
South Yorkshire Mayor Oliver Coppard said the accelerator would help realise the potential of the Runway Park innovation district in the Don Valley Corridor, where Boeing, Rolls-Royce and McLaren all have a presence.
He said: “We can grow the industries of the future and create more good jobs, giving people across South Yorkshire the chance to stay near and go far.”
Bev Craig, who succeeded Mr Burnham as Greater Manchester Mayor, welcomed the programme as “a welcome step” towards addressing “complex infrastructure, remediation or delivery challenges”.
Conservative Shadow Business Secretary Julia Lopez dismissed the approach.
She said: “If Labour were serious about backing business and getting our economy moving, they would be cutting taxes, reducing regulation and making it easier for firms to invest, grow and create jobs.
“Instead, at the Budget, they went in completely the wrong direction.”
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