04.12.2014 - Osborne plans ‘fracking fund’ for the North
The government will create a sovereign wealth fund for the North of England so that shale gas revenues in the region can be used to invest in its own economic growth, George Osborne has announced. Setting out the proposal as part of Autumn Statement measures to create what he calls a Northern Powerhouse, the chancellor also confirmed a £250m investment to create an institute for advanced material science in Manchester. The new Sir Henry Royce Institute would also have branches in Leeds, Liverpool and Sheffield. Osborne also confirmed the government would tender for new operators for the Northern Rail and the Trans-Pennine Express rail franchises in the region. These contracts would specify the replacement of the unpopular Pacer trains...............................................Full Article: Source
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