Healey Unveils £150M North Fund for Growth Amid Tight Budget, Regional Shift

Britain's Chancellor of the Exchequer, John Healey, has today unveiled a new £150 million fund aimed at sparking a 'next chapter of Britain's growth story' specifically across the North of England. This significant injection, channeled through the British Business Bank, is designed to fuel fast-growing firms, particularly university spin-outs and innovative companies, with investments ranging from £5 million to £15 million, hoping to attract substantial additional private capital. The announcement comes ahead of the crucial Autumn Budget on October 28, 2026, which is John Healey first as Chancellor under Prime Minister Andy Burnham. This initiative marks a core component of the Labour Party broader economic strategy to decentralize power and foster 'growth in every postcode,' contrasting with the previous government's 'Levelling Up agenda.' The economic landscape, however, remains challenging, with rising government borrowing costs and inflationary pressures exacerbated by the ongoing 'Iran war' creating a tight fiscal environment for the upcoming Budget. Healey's strategy also includes promises to cut business regulation by 25% and adjust the Treasury Green Book rules to prioritize long-term regional investment, signaling a 'fundamental shift' in how government drives economic development. With the October 28th Budget looming, all eyes will be on how the government balances its ambitious growth agenda with the urgent need for fiscal discipline, and whether this £150 million fund can indeed be the catalyst for the North's economic transformation, or if critics' concerns about its scale will prove valid.