The Government has announced that as many as 10 major industrial and commercial sites across the UK could be developed with the support of £700 million in public capital. The strategic sites accelerator, which launches today, is designed to give new momentum to stalled projects that are commercially viable and have strong investor demand behind them.
Overcoming Development Barriers
The scheme will help tackle barriers to development, including planning hurdles, grid connections and access to finance, according to the Department for Business and Trade. Between six and 10 nationally significant developments will benefit through loans, equity and grant funding, alongside technical expertise.
These could range from science parks to defence, technology and manufacturing facilities. The programme aims to attract up to £2 billion in private investment, with mayors and local leaders playing a key role in identifying investment opportunities.
Chancellor and Business Secretary Weigh In
Chancellor John Healey said: "Local leaders know their communities best. Only by trusting them with real power and resources will we see change. This £700 million package is helping break down the barriers to local growth, so people can feel the benefits of a growing economy and love where they live."
Business Secretary Jonathan Reynolds said: "Britain's potential is everywhere, but we hear the same old arguments all too often – outdated infrastructure, insufficient access to finance, and problems with planning. These are barriers that hold back investment, block new jobs and shackle our potential, and we need to do more to empower our local leaders and help drive the growth their communities deserve and expect."
He added: "This programme will get the ball rolling for up to 10 of the UK's most important potential sites, attract billions in investment, unlock tens of thousands of good-quality jobs in the years ahead, and bring good growth to every postcode."
Early Discussions and Delivery Partners
The Government confirmed it was already in discussions with local partners regarding potential sites in Glasgow, Sheffield and the proposed science and technology park at Burgess Hill in Sussex. The accelerator, open to sites across the UK, will also explore opportunities in Greater Manchester, West Yorkshire, West Midlands, South Yorkshire, Liverpool City Region, the North East, Glasgow City Region and Cardiff Capital Region.
The initiative will bring together the Office for Investment and the National Wealth Fund, with commercial real estate services and investment firm CBRE serving as its national delivery partner. No 10 North will work in tandem with the programme and regional leaders to help pinpoint investment opportunities.
South Yorkshire Mayor Oliver Coppard said the scheme would help unlock the potential of the Runway Park innovation district in the Don Valley Corridor, home to major players such as Boeing, Rolls-Royce and McLaren. "Now we have an opportunity to build on our success, bringing the public and private sectors together to attract investment and create new opportunities," he said. "We can grow the industries of the future and create more good jobs, giving people across South Yorkshire the chance to stay near and go far."
Bev Craig, Andy Burnham's successor as Greater Manchester Mayor, described the accelerator as "a welcome step" towards tackling "complex infrastructure, remediation or delivery challenges".
The accelerator was initially unveiled as part of former Prime Minister Sir Keir Starmer's 10-year industrial strategy, aimed at reviving sluggish economic growth. Applications remain open until January 19, 2027.
Conservative shadow business secretary Julia Lopez said: "If Labour were serious about backing business and getting our economy moving, they would be cutting taxes, reducing regulation and making it easier for firms to invest, grow and create jobs. Instead, at the Budget, they went in completely the wrong direction."
