North East 'will power on' with £86 billion boost

The North East is primed to bolster its reputation as an “advanced manufacturing powerhouse” through an £86 billion Government investment plan, a regeneration boss has claimed.

North East mayor Kim McGuinness says the blueprint will help the region catalyse fresh developments across the automotive, green energy, space and technology sectors.

The call comes after Downing Street unveiled science and technology proposals promising to “turbocharge the economy”.

Revealed ahead of the Spending Review, ministers say it will be worth more than £22.5 billion a year by 2029, with power set to be handed to local leaders to create so-called ‘innovation clusters’ focused on areas including new drug manufacture, vehicle battery development and artificial intelligence advances.

They add the venture will provide up to £500 million for regions across the UK to boost its “world-leading status in research and innovation”.

Mayor McGuinness said: “Our region is already an advanced manufacturing powerhouse.

“And we will now be able to support more research and development projects in established sectors, like the car industry and green energy, which are cornerstones of the North East economy.

“We can also invest in new technologies from kitchen table innovations to our fast-emerging trailblazers in the space industry and artificial intelligence.”

Chancellor Rachel Reeves added: “Britain is the home of science and technology.

“We are investing in its renewal to create jobs, protect our security against foreign threats and make working families better off.”  

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