Chancellor of the Exchequer Rachel Reeves has outlined the government's priorities for major regeneration across the country at the UKREiiF conference.
Reeves said the list of projects built on the approach set out in March in her Mais Lecture to the Bayes Business School. It focuses on backing city regions, working in partnership with mayors and local leaders, and "crowding in private investment to unlock jobs, regeneration and opportunity in communities across the UK", she added.
The Chancellor confirmed a tranche of major regeneration projects across the UK to be supported through the government’s City Investment Funds at the conference, which has been taking place from Tuesday until Thursday this week.
The funds will be used to grow city economies under the leadership of mayors.
Reeves highlighted a number of projects.
In Greater Manchester, the Oxford Road Corridor innovation cluster will be extended, delivering 225,000 square feet of offices and leveraging almost £120 million of private investment. The Chancellor said delivery at Victoria North in Red Bank is being accelerated, unlocking 446 new homes and £170 million in private investment.
In Liverpool, four major city centre schemes are being supported, delivering 450,000 square feet of offices, the first new-build Grade A office in the Central Business District for over 15 years, supporting around 2,500 jobs.
Reeves said heritage-led regeneration is delivering a further 140,000 square feet of Grade A workspace. New lab-enabled space is being backed in the Knowledge Quarter to support health and life sciences.
In the North East, Reeves said, major regeneration projects moved into delivery across Newcastle and Gateshead, including Gateshead Quays, Newcastle Helix, Forth Yards and Stephenson Quarter.
Reeves said the Durham Innovation District at Aykley Heads is being accelerated, delivering up to 350,000 square feet of offices.
In South Yorkshire, the Sheffield Moorfoot regeneration scheme is expected to unlock 1,600 new homes and £300 million in development value. Reeves said the government is committed to facilitating the delivery around the Sheffield city centre's "Innovation Spine" – including the Station Campus, accentuating new top-tier office, science and innovation opportunities.
In West Yorkshire, the regeneration of Temple Works and the wider Temple District is being unlocked, Reeves added, supporting around 3,500 homes and at least 150,000 square feet of commercial and leisure space. Up to £12 million will support delivery of 570 homes at West End Riverside, and up to £7 million will unlock further delivery at Meadow Lane, delivering 246 homes and over 200,000 square feet of Grade A commercial space.
Reeves also reiterated the government's commitment to modernising and investing in the civil service estate outside London. Investments in Manchester through the new Digital Campus will bring together over 8,000 people from multiple departments. In Darlington, the Treasury and other departments are "being brought closer to the local communities they serve", and investment in the new Hub in York Central will unlock local regeneration including 2,500 more homes, Reeves said.
New inward investment prospectuses have been launched this week for the Northern Growth and OxCam Growth Corridors.
The Chancellor also reiterated her commitment to delivering a fiscal devolution roadmap at the next Budget. She said this will give local leaders more power to plan properly, invest in the infrastructure, and deliver in the transport, housing and regeneration projects that matter most for their areas. The Treasury will publish an interim progress report on the roadmap in the summer.
Reeves added that a new mass transit taskforce will look "across the barriers that make the delivery of mass transit projects so complex, drawing on best practice from across the world to make recommendations on how it can be delivered quicker for cities."
The Chancellor also announced plans to devolve decisions on Transport and Works Act Orders to Mayors, with a consultation to be launched in the autumn to consider the scope of powers to be devolved.
Earlier in the week, the Exchequer Secretary Dan Tomlinson confirmed a major expansion of the Royal Armouries museum, supported by the Leeds City Fund. The museum, which hosts UKREiiF, will see around 3,500 square metres of new conference and exhibition space created.