Story perspectives

Healey Announces £150 Million Northern Scale-Up Fund

9/8/2026

Summary

Story summary

John Healey, Chancellor of the Exchequer, announced a £150 million scale-up fund for firms in the North and a “Northern 500” group.
Healey warned borrowing costs hit an 18-year-high in gilt yields, the highest since 2008.
Healey pledged a fiscal-devolution roadmap giving city regions business-rates retention and a share of local income tax from 2028.
Healey said judicial-review reforms will extend to all major infrastructure projects to curb litigation.

History

Historical Context

In June 2014 Chancellor George Osborne announced the Northern Powerhouse, pledging £1 billion for transport, skills and innovation and targeting a 10 % GDP rise by 2025. The initiative was institutionalised in 2016 with the Northern Powerhouse Partnership, chaired by Osborne, and supported by Transport for the North. Today's £150 million scale-up fund and expanded fiscal-devolution roadmap continue that blueprint, aiming to keep business-rate revenue locally.

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Story summary

John Healey, Chancellor of the Exchequer, announced a £150 million scale-up fund for firms in the North and a “Northern 500” group.
Healey warned borrowing costs hit an 18-year-high in gilt yields, the highest since 2008.
Healey pledged a fiscal-devolution roadmap giving city regions business-rates retention and a share of local income tax from 2028.
Healey said judicial-review reforms will extend to all major infrastructure projects to curb litigation.

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