Banks chips in with £500m fund to back Northern Powerhouse

Jes Staley of Barclays
Jes Staley of Barclays
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One of the big banks has launched a new £500m investment fund which it says will help support the rise of the Northern Powerhouse.

Barclays has introduced the growth fund for small and medium-sized businesses across the region which it says has favourable terms for manufacturing, transport and logistics companies, helping them to grow and create new jobs.

Launching the fund, Jes Staley, Barclays Group CEO, (pictured) said: “Barclays has been helping businesses across the North to succeed since the dawn of the Industrial Revolution.

Today, we face new economic challenges and opportunities posed by the digital revolution, the growth in competition from emerging markets, and of course, Brexit.

The Northern Powerhouse is an initiative which, if delivered, would help the whole country to meet that challenge and take those economic opportunities.

That is why I’m delighted to announce our £500m Northern Powerhouse Growth Fund, enabling businesses to invest in jobs and growth. As the UK prepares for Brexit, it’s vital that businesses, civic leaders and Government work together.”