The autumn statement made further significant progress to level up and deliver positive change across the UK.
Levelling Up
Levelling up is at the core of this Government’s mission. The autumn statement confirmed £450 million in new funding for levelling up on top of the billions already allocated—through new levelling-up partnerships, investment zones, an investment opportunity fund, and additional money for transformative projects across the country.
Investment zones will embed innovation throughout the economy—supporting the growth of priority sectors and leveraging existing strengths to drive rapid expansion. This week we announced new investment zones which build on existing private sector investment in these areas. These zones will be focused on advanced manufacturing in Greater Manchester and the west midlands, on green industries in the east midlands, and on life sciences in West Yorkshire. In partnership with the Welsh Government, we have also announced two investment zones for Wales—one in Cardiff and Newport, and a second in Wrexham and Flintshire. We have also doubled the duration of incentives within investment zones and freeports to 10 years—doubling their value to communities across the United Kingdom. Alongside this, the Government are creating a £150 million flexible investment opportunity fund to support investment zones and freeports to secure business investment across the UK over the next five years.
In Scotland we announced four new levelling-up partnerships—through a selection methodology developed in collaboration with the Scottish Government— bringing £80 million of investment to Na h-Eileanan an lar, Argyll and Bute, Dundee city, and the Scottish Borders. We will also work with the Welsh Government on potential opportunities in Wales and continue to work with local stakeholders on how best to level up communities in Northern Ireland.
The Department has also announced successful projects from the third round of the levelling-up fund, which has now awarded £4.8 billion to a range of initiatives across Great Britain. We will also fund five additional projects that were previously shortlisted across regeneration, transport, and culture: the Isles of Scilly Museum and Cultural Centre; Fakenham Sports and Fitness Centre; the Inspiring Eden enterprise facility; transport in Chepstow; and improved connections in Warrington.
In addition, to ensure targeted funding reaches each of the priority places based on the levelling-up White Paper metrics, we have allocated £15 million to Bolsover. There will also be £5 million for Barrow-in-Furness to unlock housing growth, regenerate the town centre, and deliver a range of measures across transport, skills and education, alongside the area’s significant and growing contributions to our national security. My Department will also continue to work with the UK Infrastructure Bank, the British Business Bank, Homes England, and other Departments to consider—with local and private sector partners—how to support levelling up through improving access to finance.