The UK Government has unveiled a £700 million strategic sites accelerator to help stalled industrial and commercial projects get off the ground. The scheme, launching Monday, will support developments that are commercially viable and have strong investor demand.
The Department for Business and Trade said the programme will tackle barriers to development, including planning issues, grid connections and access to finance. Between six and ten nationally important developments will benefit through loans, equity, grant funding and technical expertise.
Scope of the programme
Projects could range from science parks to defence, technology and manufacturing sites. The programme aims to attract up to £2 billion of private investment.
Mayors and local leaders will help identify investment opportunities. Chancellor John Healey said: "Local leaders know their communities best. Only by trusting them with real power and resources will we see change."
He added: "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."
Locations and partnerships
The Government said it is already working with local partners on potential sites in Glasgow, Sheffield and the prospective science and technology park in Sussex's Burgess Hill. The accelerator, open to sites across the UK, will also explore options in Greater Manchester, West Yorkshire, West Midlands, South Yorkshire, Liverpool City Region, the North East, Glasgow City Region and Cardiff Capital Region.
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Jonathan Reynolds said: "Britain's potential is everywhere, but we hear the same old arguments all too often – outdated infrastructure, insufficient access to finance, and problems with planning."
He added: "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."
Reynolds said the 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."
The initiative will bring together the Office for Investment and the National Wealth Fund, with commercial real estate services and investment firm CBRE acting as its national delivery partner.
Local and national backing
No 10 North will work alongside the programme and local leaders to help identify investment opportunities.
Bev Craig, Andy Burnham's successor as Greater Manchester Mayor, said the accelerator was 'a welcome step' in helping to address "complex infrastructure, remediation or delivery challenges".
Plans for the accelerator were first announced as part of former premier Sir Keir Starmer's 10-year industrial strategy to boost stuttering economic growth.
Applications are open until January 19 2027.
