Chancellor Rachel Reeves is initiating a new collaborative effort between the National Wealth Fund (NWF) and regional mayors to foster sustainable economic development, moving away from a top-down approach. This initiative aims to craft localized growth strategies tailored to the unique needs of each region. The NWF has already facilitated job creation and private investment in various sectors. Local leaders, such as Tracy Brabin of West Yorkshire, support the initiative, which is part of a broader effort to expand devolution and empower local governance across England.
"Those with local knowledge and skin in the game are best placed to know what their area needs," she said, underlining her commitment to avoid a top-down approach.
The initiative builds on the NWF's impact to date, having helped create 8,600 jobs and unlock nearly £1.6 billion in private investment in sectors ranging from green technologies to manufacturing over the past six months.
Tracy Brabin, mayor of West Yorkshire, welcomed the NWF's 'transformational investments' in her region, adding, 'We will deliver well-paid jobs and vibrant, well-connected places our communities need and deserve.'
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