'We all benefit when everywhere thrives'

MAYOR ANNOUNCES £1BN GREATER MANCHESTER GROWTH FUND IN ‘UNIQUE’ PLAN TO IMPROVE THE LIVES OF RESIDENTS

- By JOSEPH TIMAN

ANDY Burnham is set to fire the starting pistol on a £1bn plan promising every Greater Manchester borough its own cut of the boom that’s transformed the city. The first-of-its-kind fund will involve more than 30 projects to be backed across the region.

Local leaders have come together to agree a new approach to investment aimed at closing Greater Manchester's own north-south divide.

The new ‘bold and prudent’ plan will see proceeds from more lucrative investments, predominantly in and around the city centre, help fund projects in places that have been left behind.

It comes as Greater Manchester's economic growth continues to outstrip the rest of the country with an annual rate of 3.1 per cent.

Mr Burnham will set out the new approach to regional investment in a speech today, a week before the budget. The announcement comes as Chancellor Rachel Reeves is under significant pressure to deliver meaningful UK growth.

It also comes amid feverish speculation about the prime ministerial ambitions of Mr Burnham.

During the speech, he is also expected to say that the lack of com-

mitment to big rail and road infrastructure is the ‘single biggest risk to Greater Manchester's growth in the next decade’ describing it as ‘negligent of the needs of our region’ and ‘insulting to its people?

Of the new fund, he will say: “It marks a decisive break with trickle-down economics and old extractive approaches to growth.

“This has been the Whitehall way. It has picked winners and losers and left the UK with wide inequalities between people and places.

“After pioneering a new model of bottom-up devolution, we will now do the same again with a new approach toa decade of good growth”

The new fund will draw on cash from the latest devolution deal, which gives leaders more flexibility over how money is spent.