Mayor to work with No10 North to drive search for key investment sites

The Mayor of the East Midlands has pledged to help No10 North identify the biggest strategic investment sites across the country.

Business Secretary Jonathan Reynolds has announced a multi-million-pound Government funding package to unlock major industrial and commercial sites across the UK, creating tens of thousands of jobs and attracting up to £2 billion in private investment.

The Strategic Sites Accelerator will deploy about £700 million alongside expert support to help unlock up to 10 major industrial and commercial sites across the country, helping some of the UK’s most promising investment opportunities get off the ground – and Mayor Claire Ward is keen to see the East Midlands benefit.

Mayor Claire, chair of UK Mayors Network, said: “Sites with strong development potential need flexible support to bring them into productive use. As Mayors, we are always looking for ways to deploy that support in a way that works for our business, places, and economies – and the Strategic Sites Accelerator meets that mark.

“It will help us to bring forward strategic sites, create jobs and support a more resilient, green industrial future. I look forward to working with the Office for Investment to unlock opportunities across the East Midlands Combined County Authority (EMCCA) region.”

Strategic Sites Accelerator

The Accelerator will focus on commercially viable sites with strong investor demand, where Government backing can help overcome the barriers stopping development from moving ahead.

It will tackle the key barriers holding back high-potential sites that could support Britain’s reindustrialisation. That includes everything from access to finance, grid connections, and planning constraints, removing the blockers that can cool would-be investors.

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.

‘Local leaders know their communities best’

Chancellor 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, Innovation, Science and Trade Secretary Mr 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.”

Blended finance backing

The Accelerator will back Mayors and local authorities with blended finance across the country. It will be open to sites across every nation and region of the UK, from science parks and manufacturing sites to innovation districts held back by viability constraints.

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.

Industrial Strategy

Marking a major step forward for the Government’s Industrial Strategy, the scheme aims to unlock up to 10 strategic sites across the UK’s high-growth sectors like advanced manufacturing, digital and tech, defence, and life sciences.

Jobs in tech and digital in particular can attract salaries upwards of £45,000 – well above the UK national average. That means secure, good paying jobs that will put homegrown talent at the heart of the industries driving growth and create new opportunities for business and communities for decades to come.

The Accelerator marks the latest step in government’s drive to see good growth in every postcode following the Chancellor’s Budget last week, alongside new powers and resources for mayors and local leaders to attract game-changing investment into their communities.