May launches industrial strategy

Prime minister Theresa May will launch an industrial strategy green paper today pledging major new investment in infrastructure and research around the country. A cash boost of £556m for the Northern Powerhouse to help create jobs, support businesses and encourage growth will be announced by the prime minister today during a Cabinet meeting in the North West. Goole Intermodal Terminal linking rail, sea and road, a conference centre in Blackpool, and a new innovation fund for Manchester and Cheshire businesses, and funding for the development of the international advanced manufacturing park in Sunderland and South Tyneside are among the locally-chosen projects set to benefit over the next few years. A key part of the strategy will be outlining opportunities for businesses to strike “sector deals” with government as it looks to promote sector-specific industry hubs around the country.  The deals will offer support such as addressing regulatory barriers, looking at how trade and investment deals can be used to increase exports and supporting the creation of new institutions to provide leadership, support innovation or boost skills. Plans to strengthen existing institutions in each part of the country to support their specific strengths will also be laid out in the industrial strategy, which is seen as an alternative take on former chancellor George Osborne’s Northern Powerhouse agenda. This will be achieved through the industrial strategy challenge fund, part of £4.7bn of R&D funding announced by the prime minister in November to support smart energy technologies; robotics and artificial intelligence and 5G mobile network technology. The Department for Business, Energy & Industrial Strategy said the strategy could involve building up local trade bodies, making it easier for business to access finance outside London or getting a stronger business voice into local government. The latest round of local enterprise partnership funding to be announced for the North of England include:   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 £72m Greater Manchester £130.1m  Sheffield City Region £37.8m Cheshire and Warrington £43.3m • To send feedback, e-mail louisa.clarence-smith@estatesgazette.com or tweet @LouisaClarence or @estatesgazette