The Prime Minister has unveiled her vision for the UK's industrial future and set out details of how a £556m investment for the Northern Powerhouse will be split between the region’s 11 local enterprise partnerships.

The boost was first announced in the Autumn Statement, and will go towards a load of projects including Goole Intermodal Terminal, £10m for the Greater Manchester and Cheshire Life Sciences Fund, and the International Advanced Manufacturing Park in Sunderland.

The government said a key part of the strategy's green paper, published today, was offer to businesses the chance to strike new ‘sector deals’, driven by the interests of companies and the people they employ, to address sector-specific challenges and opportunities.

As part of the deals, a range of support will be on offer, including addressing regulatory barriers to innovation and growth, looking at how trade and investment deals can be used to increase exports, or supporting the creation of new institutions to provide leadership, support innovation or boost skills.

The Prime Minister had this to say:

"The modern industrial strategy will back Britain for the long term: creating the conditions where successful businesses can emerge and grow, and backing them to invest in the long-term future of our country," 

"It will be underpinned by a new approach to government, not just stepping back but stepping up to a new, active role that backs business and ensures more people in all corners of the country share in the benefits of its success."

The green paper also sets out technologies where Britain has strengths in research and development which could be supported through the government’s new Industrial Strategy Challenge Fund, which would include: smart energy technologies; robotics and artificial intelligence and 5G mobile network technology. This fund is part of £4.7bn of additional R&D funding announced by the Prime Minister in November.

In the North, £556m will be spent on a series of projects. These projects will include:

• Goole Intermodal Terminal which will mean the town’s existing rail, sea, motorway and inland waterway links into one site, providing an integrated transport facility for business
• A 21st century conference centre and hotel in Blackpool at the Winter Gardens
• £10m for the Greater Manchester and Cheshire Life Sciences Fund to provide capital to local small and medium businesses
• Flood resilience measures in Bradford, Calderdale, Craven, Kirklees and Leeds
• Building the International Advanced Manufacturing Park in Sunderland and South Tyneside - helping to creating an estimated 5,200 jobs

In addition, the government has revealed how the Northern Powerhouse funding will be split among the region's LEPs:

• North Eastern £49.7m
• Cumbria £12.7m
• Tees Valley £21.8m
• York, North Yorkshire, East Riding £23.7m
• Lancashire £69.8m
• Humber £27.9m
• Leeds City Region £67.5m
• Liverpool City Region £72.0m
• Greater Manchester £130.1m
• Sheffield City Region £37.8m
• Cheshire and Warrington £43.3m

Source: @InsiderMedia