Government earmarks '12 potential Canary Wharfs' across UK

The chancellor announced the Government would deliver 12 new investment zones as part of his spring Budget.

Jeremy Hunt labelled these areas, which will be spread across the UK, as ’12 potential Canary Wharfs’.

‘In England we have identified the following areas as having the potential to host one: West Midlands, Greater Manchester, the North East, South Yorkshire, West Yorkshire, East Midlands, Teesside and, once again, Liverpool,’ the chancellor told the House of Commons.

‘There will also be at least one in each of Scotland, Wales and Northern Ireland.’

He outlined to MPs the ‘four pillars’ of the government’s ‘industrial strategy’, which are ‘enterprise, employment, education and everywhere’.

Mr Hunt announced several funding pots related to levelling up in the North as part of the Conservative Party strategy.

‘I will invest over £200 million in high-quality local regeneration projects across England including the regeneration of Tipton town centre and the Marsden New Mills Redevelopment Scheme,’ he told the Commons.

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Spring budget 2023: Key points

  • Energy price guarantee to remain at £2,500 for the next three months
  • Fuel duty frozen and 5p cut extended for another 12 months
  • The price of your pint won’t go up at the pub
  • Government earmarks ’12 potential Canary Wharfs’ across UK

To get the latest from the budget announcement visit’s Metro’s Budget news hub.

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‘I am also announcing a further £161 million for regeneration projects in mayoral combined authorities and the Greater London Authority.

‘And I will make over £400 million available for new levelling-up partnerships in areas that include Redcar and Cleveland, Blackburn, Oldham, Rochdale, Mansfield, South Tyneside, and Bassetlaw.

‘Having listened to the case for better local transport infrastructure from many members, I can announce a second round of the city region sustainable transport settlements, allocating £8.8 billion over the next five-year funding period.’

The chancellor added the Government would not rest until the UK is ‘Europe’s most dynamic enterprise economy’.

‘We already have lower levels of business taxation than France, Germany, Italy or Japan,’ he said. ‘But I want us to have the most pro-business, pro-enterprise tax regime anywhere.

‘Even after the corporation tax rise this April, we will have the lowest headline rate in the G7 – lower than at any period under the last Labour government.’

At the beginning of his spring Budget Mr Hunt announced the UK will not enter a ‘technical recession’ this year.

On cost of living, he said the 5p fuel duty cut will be extended for a year and confirmed the energy price guarantee will remain at £2,500 for the next three months.

He made a ‘Brexit pubs guarantee’ to ensure the price you’ll pay for a pint in a pub won’t go up and added the government will pour another £200,000,000 into fixing potholes.

Mr Hunt also confirmed the Government would add £11 billion to the defence budget over the next five years.

His announcement comes amid tensions across the country, such as unions striking in full force – including Tube workers and teachers today – and families calling for greater support through the cost of living crisis.

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