The Chancellor will unveil a £150 million fund for fast-growing northern firms as he sets out plans to grow the economy through an "active" state.
John Healey will seek to tell an “optimistic story” about Britain in a major speech on Monday, echoing Prime Minister Andy Burnham’s push to strike a more upbeat note than his predecessor.
But it comes against a challenging economic backdrop ahead of Mr Healey’s first Budget on October 28, with a leap in Government borrowing costs amid concerns about the inflationary impact of the Iran war threatening his fiscal headroom.
Mr Healey will detail plans to spread growth more widely across the UK by using public investment to attract private capital.
The British Business Bank will commit up to £150 million to a new fund “to get behind the most innovative and fast-growing firms”, the Chancellor will say.
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