Northern powerhouse projects put to investors

A portfolio of projects has been put forward to Chinese investors in developments that could be worth up to £5bn.

Chancellor Phillip Hammond is addressing investors today and putting opportunities to them as part of the UK-China Economic and Financial Dialogue. Alongside Hammond will be Liam Fox, International Trade Secretary and Andrew Percy, Northern Powerhouse Minister.

The projects put forward will be worth £5bn and include the growth of an aviation logistics hub in Doncaster and doubling the size of MediaCityUK in Salford to name a couple.

Hammond has said that this provides a “major opportunity” for the UK to increase business ties with China. The meeting comes in the face of doubts over how the Northern Powerhouse will be funded post-Brexit.

Mr Hammond said: “As we seek to take the golden era of UK-China relations to the next step, we have a major opportunity to open up investment opportunities across the Northern Powerhouse.

“This portfolio, opening up billions of pounds of investment-ready projects to Chinese investors, will support our work to grow and create jobs in the North, as well as underpin our ambitions to bring world-class infrastructure to every corner of Britain.”

Alongside the aviation hub logistics hub in Doncaster, the Advanced Manufacturing Innovation District in Sheffield is also included in the investment portfolio.

Northern Powerhouse Minister Andrew Percy said: “Building the Northern Powerhouse is at the heart of our efforts to create an economy that works for everyone.

“Investors from abroad know that the North has some of the world’s best and most talented entrepreneurs and businesses, and today we’re showcasing 13 oven-ready opportunities to them which could create thousands of jobs for years to come.

There has been growing investment from China in the North of England, with investment in many notable infrastructure, research and housing projects. Manchester University recently signed an agreement with the Beijing Institute of Aeronautical Materials to help further develop and research the uses of graphene.