Chancellor announces £760m for regeneration projects

Jeremy Hunt has unveiled £761m for various projects aimed at boosting regeneration in his first full budget as chancellor.

The chancellor today announced £400m for ‘levelling up partnerships’ for 20 areas of England the government considers are most in need of levelling up (see box below).

The government said it will “work with local leader and mayors” along with local businesses to “identify and address barriers to levelling up”.

It said the £400m will be allocated on a “case-by-case basis” but spread across the regions geographically.

Hunt pledged to invest £200m in local regeneration projects in left behind places across England judged to be “high quality”.

>>See also: Budget 2023: key measures at-a-glance

>>See also: Missed chances and little to excite in Hunt’s first Budget

The government is also putting £161m into high-capital regeneration projects including including business premises and food science facilities in Tees Valley, and unlocking investment in a research campus in the Liverpool City Region.

Hunt also announced that West Midlands and Greater Manchester Combined Authorities would get more control over affordable housing funding in their areas.

The two authorities will “set the overall strategic direction, strategy, objectives and local leadership for the deployment of the Affordable Homes Programme” in their region.

Hunt said: “I will also boost mayors’ financial autonomy by agreeing multi-year single settlements for the West Midlands and the Greater Combined Manchester Authority at the next spending review, something I intend to roll out for all mayoral areas over time.”