Government launches £700 million scheme to unlock up to 10 major UK investment sites
Business Secretary Jonathan Reynolds announced a £700 million government package called the Strategic Sites Accelerator, starting on 2 November, to unlock up to 10 large industrial and commercial sites across the UK. The scheme works with mayors and local leaders, and aims to bring in up to £2 billion of private investment. A 'National Wealth Fund' is a government-backed investment body that helps fund projects, and the Accelerator is run with CBRE as its delivery partner.
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What does it mean?
The government is putting £700 million toward helping stalled big building projects, such as factories and business sites, move forward. The money can come as loans, shares, or grants, and it is meant to fix problems like planning rules, power connections and getting finance. The aim is for up to 10 sites to get going, which could bring jobs.
Who is affected?
Developers, investors, and local councils and mayors looking to get large industrial or commercial sites built, plus people who could take the jobs created.