Yorkshire and The Humber are set to benefit from a £156.9m funding boost as part of modern industrial strategy proposals.
The Government is to publish its vision for a Modern Industrial Strategy today, inviting contributions from businesses, local groups and workers in Yorkshire and the Humber.
Minister for the Northern Powerhouse Andrew Percy to visit Leeds Flood Alleviation Scheme today to explain how the strategy will benefit region.
Industrial Strategy Green Paper will outline 10 key pillars for Industrial Strategy, including driving growth across the country, boosting infrastructure and skills.
The funding hopes to create jobs, support businesses and encourage growth across the area.
In its Green Paper, Building our Industrial Strategy, the Government defines three fundamental challenges Britain must face up to now, and in the future:
- Build on the UK’s strengths and extend excellence into the future;
- Close the gap between Britain’s most productive companies, industries, places and people and the rest;
- Make Britain one of the most competitive places in the world to start or grow a business.
Today’s Green Paper launch follows the announcement of significant initial actions for the Industrial Strategy, including the £4.7 billion increase in research and development funding, unveiled by the Chancellor Philip Hammond at last year’s Autumn Statement.
The Green Paper contains a number of proposed announcements set to benefit Yorkshire and the Humber such as:
- Capitalising on strengths in the modern energy market, like offshore wind, so businesses such as Siemens in Hull can win a substantial share of the global market;
- Building on the work Transport for the North is doing bringing together planning across the region to develop plans for a west-east rail link; and,
- Investing in skills so there are enough engineers in the region to support the thriving offshore industry.
The £156.9m funding will support a number of key projects in the region including new flood resilience measures in Bradford, Calderdale, Craven, Kirklees and Leeds, complementing existing Government investment, and helping safeguard over 11,000 jobs and 1,300 businesses.