UK chancellor unveils £150M northern scaleup fund

The UK government has unveiled a £150m scaleup fund aimed at investing in university spinouts located in the northern regions of England, as part of its efforts to spur economic growth beyond the capital city. According to Chancellor John Healey, the fund will provide investments ranging from £5m to £15m to the most innovative and rapidly growing firms in the area.

Speaking at the Manufacturing Technology Centre in the Midlands, Healey emphasized that while London serves as a powerhouse, the success of city-regions in France and Germany could significantly transform growth across Britain.

Healey announced that the British Business Bank will allocate £150m for scale-ups in the north through this new fund, drawing from previously allocated funds for the economic development bank. This initiative is part of Prime Minister Andy Burnham's broader strategy to stimulate growth outside of London, with the goal of attracting additional private investment into northern businesses.