£1 billion pledge aims to unlock North East growth

Businesses across the North East are set to benefit from a significant finance package that is being made available to help companies expand, invest and compete in fast-growing sectors.

Lloyds Banking Group has announced that more than £1 billion of new finance could be available to businesses across the North East in 2026, as part of a wider £35 billion commitment to companies operating and investing across the UK. 

The move underlines the region’s growing importance to national economic priorities, particularly in clean energy and advanced manufacturing.

The commitment will be highlighted at the Invest North East: Energy & Innovation summit in Newcastle this Thursday (January 15), where Lloyds Banking Group will join the North East Combined Authority and the Government’s Office for Investment (OfI) to promote the region’s growth potential. 

Officials say the funding is expected to support firms of all sizes, helping them invest in new capacity, expand operations and remain competitive.

Emily Cox MBE, Lloyds Banking Group ambassador for the North East, said: “Lloyds Banking Group is proud to make this £1 billion commitment to local businesses to accelerate growth across the North East. 

“We’re backing businesses big and small, from transformational developments at Newcastle Airport, the Port of Tyne and Dogger Bank, to local businesses like Holystone Civils that form the backbone of the region’s unique supply chain. 

“Together, we’re helping these businesses to scale up, create new jobs and grow the region’s economy.”

The announcement comes alongside new research from Lloyds that points to strong demand for greater private sector investment. 

A survey of 1000 senior business leaders in the North East found that 70 per cent believe increased private investment is essential to unlocking the region’s economic potential. 

Nearly three quarters said it would strengthen supply chains and create new job opportunities, while many also highlighted its role in boosting productivity, research and development and operational efficiency.

Designed to highlight green growth opportunities, the summit builds on an existing partnership between Lloyds Banking Group, the North East Combined Authority and the Office for Investment.

The collaboration places a particular focus on offshore wind and green industries, sectors where the North East is already building a strong national profile.

By bringing together public leadership, national capability and private finance, the partners aim to accelerate investment, remove barriers and ensure businesses can access the tailored funding they need to grow, create jobs and contribute to a more sustainable economy.

North East mayor Kim McGuinness added: “Green energy jobs are the future for the North East and this announcement from Lloyds is a huge vote of confidence in our region. 

“Like us, they see the potential for our green energy sector as we look to double the number of jobs in the industry so more local people can secure a great job.”

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