The UK is asking mayors and local leaders to identify industrial and commercial sites for a public finance program designed to help projects overcome obstacles and attract private capital.
The Department for Business, Innovation, Science and Trade said Monday that local authorities and mayoral bodies will help identify potential projects. Separately, the pilot plans to invest in six to 10 sites over the current Parliament.
The Budget puts the program’s scale at around £700 million, to be mobilized jointly by the National Wealth Fund (NWF) and the Office for Investment (OfI). Support may take the form of loans, equity, targeted grants or technical advice, rather than a single grant payment to local authorities.
The government is targeting up to £2 billion in private investment and says the program may help sustain employment on a scale of tens of thousands over time. Those are targets and potential effects, not reported investment or employment results.
Projects must show credible market demand and demonstrate that public support is needed for them to proceed. The government expects National Wealth Fund capital invested through the program to earn a financial return. The initiative is intended to help viable developments get past planning delays, limits on grid connections and financing gaps.
Potential locations are being discussed in several regions, including Cardiff Capital Region, Glasgow City Region, the North East, Greater Manchester, West Midlands, Liverpool City Region, South Yorkshire and West Yorkshire. It has not announced final financial awards for any of those places.
Technical assistance is being provided for a proposed Science and Technology Park in Burgess Hill and Runway Park in South Yorkshire’s Don Valley Corridor; neither has been identified as a confirmed investment recipient. The Office for Investment and National Wealth Fund will deliver the program, with CBRE as national delivery partner. No10 North is expected to work with local leaders to exchange project pipelines.
The Budget says the first site investments are expected by the end of March 2027.
