The UK government has today unveiled a £150m scaleup fund to invest in university spinouts in the north of England as it looks to turbocharge growth outside of the capital. The fund will make investments of between £5m and £15m in the "most innovative and fast-growing firms". It is set to invest in university spinouts and "ambitious businesses" across the north of England.
Speaking at the Manufacturing Technology Centre in the Midlands, UK chancellor John Healey, said: "London – of course – is our powerhouse. But if our city-regions could emulate the success of those in France or Germany, growth in our country would be transformed. In Britain, we also have our growth corridors – the Oxford-Cambridge Growth and the Northern Growth Corridor. I can today announce a new allocation from the British Business Bank, £150m for scale-ups in the north – so that we get behind the most innovative and fast-growing firms."
The money for the fund comes from funds previously allocated to the British Business Bank, the government-owned economic development bank.
The fund forms part of prime minister Andy Burnham’s broader investment plans to stimulate growth outside of the capital, with the hope that the fund will attract further private investment into northern businesses.
Would you like to write the first comment?
Login to post comments