Newcastle Labour has welcomed plans from the Chancellor to drive economic growth across every part of the country, with a new focus on investment, innovation, skills and supporting businesses to grow.
In a major speech ahead of the Budget, the Chancellor set out his ambition to deliver “good growth in every postcode”, arguing that economic growth and sound public finances must go hand in hand.
At the heart of the plans is a new partnership between government, local leaders and businesses to unlock investment and ensure communities across Britain benefit from economic growth.
For Newcastle and the wider North, this will include a new £150 million scale-up fund across the North of England, designed to help ambitious businesses grow, attract investment and create jobs.
The Government will also cut unnecessary bureaucracy holding back growth and introduce new powers to help businesses test and scale innovative technologies.
Newcastle Labour Group Leader Cllr Ged Bell welcomed the Chancellor’s speech and its focus on spreading opportunity across the country.
Cllr Bell said:
“Newcastle has enormous potential. We have world-class universities, talented people, innovative businesses and growing strengths in technology, life sciences, energy and the creative industries.
“I welcome the Chancellor putting growth in every postcode at the heart of Labour’s economic plans. The new £150 million fund for businesses across the North, alongside action to unlock investment and support innovation, can help Newcastle businesses grow, create good jobs and give more local people the opportunity to build their future here.
“After years when too much investment and opportunity was concentrated elsewhere, Labour is making clear that Newcastle and the wider North East have a central part to play in Britain’s economic future.”
The Chancellor said Labour’s first priority in government had been restoring economic stability and creating the foundations for sustainable growth.
Under Labour wages are now rising faster than inflation, while borrowing is £20 billion lower than the previous year.
Measures to give households and businesses more breathing space include support with energy bills, frozen rail fares and prescription charges, an extended fuel duty freeze, increases to the National Living Wage and a £2 bus fare cap throughout 2027.
Pubs, social clubs and music venues will also benefit from a 20% cut in business rates next year.
Labour has also reformed public procurement so government contracts place greater weight on British jobs, local skills and apprenticeships, helping ensure more public spending supports communities and businesses here in Britain.
For Newcastle, the Government’s approach offers an opportunity to build on the city’s strengths, support local businesses to expand and ensure more young people can find skilled, well-paid work without having to leave the North East.
Cllr Bell added:
“For too long Newcastle and the North East have had the talent and ambition but haven’t always had our fair share of investment and opportunity.
“We want Newcastle to be a city where businesses can start, grow and stay; where our young people can build successful careers here; and where investment creates good jobs and stronger communities from the city centre to every neighbourhood.
“Newcastle helped power Britain’s economy in the past and we have everything we need to be at the forefront of its future. With a Labour Government prepared to back our city and our region, we can make sure Newcastle gets the investment, jobs and opportunities our people deserve.”