• The funding is part of up to £1.7bn of investment in the North set to be unveiled today.
• Money will support jobs and development in cities across the Northern Growth Corridor, including in Liverpool Central.
• It will also support the £2bn investment fund to accelerate growth across the City Region unveiled by the Mayor just last week.

The Chancellor is backing the North with up to £1.7bn of new investment in its city regions, to give Mayors the cash and tools to bulldoze through roadblocks holding up big city-centre projects and large‑scale regeneration schemes – including £95m for the Liverpool City Region.

Based on a “just enough” public money model, the new funds will attract and unlock much larger sums from private investors, giving local leaders the tools and confidence they need to plan ahead. That will include kick‑starting and speeding-up major regeneration and development projects.

It will mean new homes, focused on well-connected brownfield land, and will create more jobs for those living in the Northern Growth Corridor expecting to deliver housing and career opportunities within a short commute of home for 9 million people.

In the Liverpool City Region, the Mayor will have access to £95m of new money to support jobs and development across places such as Liverpool Central.

The announcement comes just a week after the Mayor launched a record £2bn investment fund to accelerate growth across the City Region.

The Mayor also revealed plans for an emerging Mayoral Development Corporation, which would include the Liverpool Central scheme, are progressing towards an outline business case being submitted to the Government in the Autumn.

The Northern Growth Corridor is part of a plan revealed by Reeves in which she identified investment in towns, cities and areas previously overlooked as one of her top priorities to build a stronger and more secure economy.

In her Mais lecture today, the Chancellor, also sets out her plans to harness the power of AI and build a closer relationship with the EU to grow the UK economy.

Chancellor of the Exchequer Rachel Reeves said:

“I want every part of Britain to do well. That’s why we’re going for growth all across the country, not just in a few places, because I want everyone to be able to succeed no matter what their parents do, where they grow up, or where they choose to settle down.

“Our economic plan is the right one. By bringing back stability in our public finances, boosting investment in our infrastructure and driving reform, we’re building a stronger more secure economy.”

The plans are the next step in government’s Northern Growth strategy – following the £45bn Northern Powerhouse Rail announcement on 14 January, the biggest travel upgrade in the North in a generation, which was accompanied by a diagnosis of how Government can support the north beyond transport, across housing, culture, skills, business support, and devolution.

The government’s active approach will tackle Britain’s geographic imbalances head on, making the most of emerging successes in places like Manchester and Leeds so more great towns like Stockport and Warrington feel real benefits.

Steve Rotheram, Mayor of the Liverpool City Region, said:

“Where you grow up shouldn’t determine how far you can go in life. For too long, brilliant young people across the North have felt they had to leave home to find the opportunities they deserve. That’s never been about a lack of talent – but a lack of opportunity and investment.

“In the Liverpool City Region we’re proving what happens when you back our places and our people. From our fast-growing life sciences sector to the world-class research in our universities, we’re creating the kind of opportunities that mean the next generation can build a great career without leaving the communities that shaped them. We’re already seeing the difference too – with more and more graduates now choosing to stay and build their futures here as new high-skilled jobs are created across our economy.

“The Chancellor’s support for the Northern Growth Corridor recognises what many of us have known for a long time – the North already has the talent, the ideas and the drive to succeed. With the right backing, we’re ready to turn that potential into jobs, growth and opportunity for millions of people.”