The Mayor of the East Midlands has welcomed a major new Government initiative designed to unlock some of the UK's most significant industrial and commercial investment opportunities.
Business Secretary Jonathan Reynolds has announced the launch of the Strategic Sites Accelerator, a £700 million programme aimed at bringing forward up to 10 major development sites across the UK. The initiative is expected to create tens of thousands of jobs while attracting up to £2 billion in private sector investment.
The programme will combine government funding with expert technical support to help overcome the barriers that often prevent large-scale developments from progressing, including challenges around finance, electricity grid connections and planning.
East Midlands Mayor Claire Ward has already signalled her ambition for the region to benefit from the scheme.
Mayor Claire Ward said:
"Sites with strong development potential need flexible support to bring them into productive use. As Mayors, we are always looking for ways to deploy that support in a way that works for our business, places, and economies – and the Strategic Sites Accelerator meets that mark.
“It will help us to bring forward strategic sites, create jobs and support a more resilient, green industrial future. I look forward to working with the Office for Investment to unlock opportunities across the East Midlands Combined County Authority (EMCCA) region.”
The Strategic Sites Accelerator is targeted at commercially viable locations where there is already clear investor interest but where development has stalled due to infrastructure, funding or regulatory constraints. The programme will provide a combination of loans, equity investment, targeted grants and technical expertise to help unlock development opportunities.
The Government says the initiative is intended to support the UK's wider reindustrialisation agenda, helping to bring forward projects in sectors identified as critical to future economic growth, including advanced manufacturing, defence, life sciences, digital technology and innovation.
A collaborative approach will see the Office for Investment working alongside the National Wealth Fund, with global real estate advisory firm CBRE acting as National Delivery Partner. Together, they will support developers, investors and regional stakeholders in progressing commercially credible projects that demonstrate strong market demand.
The programme will also work closely with No10 North and local leaders to identify and prioritise strategic investment opportunities across the country. This activity will feed into the Government's wider growth agenda and support the work of the National Economic Council.
The announcement follows the Chancellor's recent Budget and wider plans to provide mayors and local authorities with greater powers and resources to attract investment and drive regional economic development.
Chancellor John Healey said:
"Local leaders know their communities best. Only by trusting them with real power and resources will we see change.
“This £700m 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.”
The Government believes the programme could play a significant role in supporting high-growth industries across the UK, particularly the technology and digital sectors, where salaries often exceed £45,000 per year, well above the national average.
For local authorities, combined authorities, investors and developers, the Strategic Sites Accelerator represents a significant opportunity to bring forward transformational projects that can deliver long-term economic benefits, create high-value jobs and strengthen regional economies.
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