The Department of Science, Innovation and Technology said the mayors of regions including Greater Manchester will get control of funding from the Local Innovation Partnerships Fund launched last year.
The shift marks a major step in the government’s drive to empower local leaders to shape economic growth.
Under the plans, Established Mayoral Strategic Authorities will be given authority over the Local Innovation Partnerships Fund – designed to accelerate new industries, drive job creation and support future-facing technologies.
The measures were launched yesterday in Liverpool where City Region mayor Steve Rotheram welcomed Science and Technology Secretary Liz Kendall to see the Materials Innovation Factory and explore the city’s Knowledge Quarter.
The £500 million committed last year for the Local Innovation Partnerships Fund between 2026-31 will eventually power innovative businesses in 17 regions across the country.
The fund builds on successes of previous regional innovation funding schemes, which have generated hundreds of high-quality jobs and hundreds of millions of pounds worth of private sector co-investment.
Technology Secretary Liz Kendall commented:
“Science and technology is the ultimate driver of growth, and this Government is determined to ensure every region shares in the prosperity brought about by innovation.
“Through the future devolution of Local Innovation Partnerships Fund, we are putting money and power into the hands of regional leaders that know the strengths of their communities best, allowing them to back local businesses, encourage innovation and create the high-quality jobs that will drive the growth these regions need now and in the future.”
