China’s Hualing Industry and Trade Group has pledged to invest billion in the UK’s Northern Powerhouse.
The UK government’s plan to rebalance the UK economy throughout the country has received a boost as the Chinese institution has agreed a deal that could see more than 10,000 new homes built in the North, in addition to creating 18,000 jobs throughout the Northern Powerhouse region.
The investment being made will be split between three major projects that are set to take place in the key strategic locations of Manchester, Leeds and Sheffield.
Chancellor George Osborne, who is currently on a diplomatic visit to China’s Xinjiang region in the north west of the country, welcomed the news, saying: “We are building an ever closer relationship with China – it’s a partnership that is set to unleash growth and help regions like Xinjiang where we know investment can make a real difference, as well as unleash new growth back home, in places like our own Northern Powerhouse.”
The investment from China, following David Cameron’s recent trip to the country to explain the possibilities available in the Northern Powerhouse, is a big coup for the government’s plans.
Cities across the North are scheduled to benefit from more than billion of investment in the coming years, as the government aims to create greater parity with London’s economy across the UK.