Healey sets new direction for good growth and writes new story for Britain

• Chancellor of the Exchequer to tell a new story of Britain; optimism, grit and resilience with economic success felt in every postcode. 
• Healey to argue fiscal credibility is indivisible from good growth
• He will set out plan for a new partnership between government, local leaders and businesses to boost British investment, innovation and skills.
• Putting place at the heart of the plan, Healey reveals up to £150m to a new scale up fund across the North of England. 

Britain will drive growth from more places and move faster in the race for investment, innovation and jobs, the Chancellor will set out today in a major set-piece speech ahead of next month's Budget. 

Speaking from a leading British manufacturing site this morning, Healey will set how a shift in where power sits in this country will empower more places to drive investment, innovation and opportunity so that economic success is felt in every postcode across the country. 

This speech will set out a new direction to see more jobs, better wages and stronger places good growth. Growth that is built in more places and backed by a more effective, active state that enables businesses and regional leaders to succeed through better accountability, control, and faster decision-making. This comes after government yesterday published further plans to slash outdated reporting rules, saving businesses more than £450 million a year in total.

The Chancellor will also make clear that good growth is indivisible from fiscal discipline at any time, but especially in a time of global uncertainty. He will also make the case that there is a huge amount of latent potential right across Britain, while setting out a plan that will allow this country to drive growth and productivity through more investment, turbocharging innovation and arming our people with skills and opportunity. 

Setting his direction for good growth built in more places, the Chancellor is expected to say: 
 
"Ask an economist what growth is and you'll get a number. But ask the country and you'll get a different answer. A young person getting a new job in a company that's on the up. A sole trader winning a new contract that pays for a holiday with their kids. A business winning a new export order, giving the community around it a new lease of life." 
 
"The Prime Minister laid out a clear diagnosis of what has gone wrong in the past. The solution is a fundamental shift that starts with putting power in the right places.

The next chapter of Britain's growth story will be written in more places. 

 
On the need for a strong, strategic centre to unlock growth, he will add: 
"Instead of getting in the way with complexity and red tape, we need a strong, strategic centre wired to enable local leaders and their ambitions.  
 
"That's why we created No10 North, working on a dual mission with the Treasury, removing obstacles so that local leaders and businesses can pull together to drive growth and productivity.  
 
I want to see wealth creation in this country. I want to see businesses make a profit. And to create the conditions for that we need an active, accountable state at all levels to remove blockages and create the conditions for more investment. 
 
To support the Northern Growth Corridor, Healey will announce a new £150m allocation from the British Business Bank for northern scale-ups: "to get behind the most innovative and fast-growing firms. This is not sentimentality, it's supply side economics." 
 
Laying out a new partnership between government, local leaders and businesses, he will say: 
 
"This is new. City regions with real power, supported by a stronger state, creating local industrial strategies and using public investment to unlock private investment, to support our innovation economy, and to create the new jobs their areas need." 
 
He will add that growth will help Britain face down global uncertainty, with:

"A new story about Britain. An optimistic story. One of resilience. Pride. Huge latent potential. A country turning a corner. A country whose people, businesses and communities are ready to seize the opportunity of new technologies and new ideas." 

Showing his commitment to put place at the heart of his plan, the Chancellor will today announce a new £150m scale-up fund from the British Business Bank for the most innovative and fast-growing firms in the North of England. 

The new fund, from money already allocated to the British Business Bank, will provide larger investments of between £5m and £15m and is expected to back university spinouts and other ambitious businesses across the North, from Liverpool and Manchester to Leeds, Sheffield, Hull and Newcastle. 

The British Business Bank will commit up to £150m, with the proposed fund intended to attract additional private investment. By bringing public and private capital together, it will give some of the North's most promising companies the backing to grow, create jobs and build their future in the communities where they started. 

An active state works with private companies to invest in communities, create opportunity and deliver good jobs. Public Finance Institutions like the BBB and National Wealth Fund (PuFIns') are a key part of how this government will do exactly that, by crowding in private capital and delivering growth across the UK. 

In his speech today, the Chancellor is expected to task the PuFins go further towards Government priorities: investment across every region, boosting innovation, and driving growth in every postcode.  

In step with this mission, the National Wealth Fund today agreed to enter into strategic partnerships with South Yorkshire Mayoral Combined Authority, Liverpool City Region Combined Authority, North East Mayoral Strategic Authority and Cardiff Capital Region, marking the next phase of its work with local and regional leaders to accelerate major growth across the UK. 

The four new partnerships will give more areas direct access to the National Wealth Fund's investment knowledge and expertise and capital, to help develop and grow project pipelines, attract public and private finance and deliver key infrastructure to support growth and create jobs. 

Healey will tell new story of Britain, describing us as a country that already possesses extraordinary strengths, such as world-leading businesses, globally renowned universities and talented workers across the country. He will describe the UK as a country turning a corner, whose people, businesses and communities are ready to seize the opportunities of new technologies and new ideas. 

The address will set the direction for the Government's wider economic agenda ahead of October's Budget and the Prime Minister's 10-Year Plan with a focus on delivering growth that is not only stronger, but broader, reaching people and places across the whole country.