Budget March 2023: A 'Canary Wharf' for Northern Ireland? Chancellor promises £80m for anyone who can 'catalyse new innovation clusters'

The chancellor made the comments as he delivered his budget in the House of Commons.

Canary Wharf turned a depressed former industrial / docklands area of east London into a kind of second Square Mile, drawing major financial firms into new skyscraping office blocks a few miles to the east of the city’s traditional business district.

Jeremy Hunt told MPs: “Canary Wharf and the Liverpool Docks were two outstanding regeneration projects.

“They showed what’s possible when entrepreneurs, government and local communities come together.

“So today I announce that we will deliver 12 new ‘Investment Zones’ – 12 potential Canary Wharfs.

“In England we have identified the following areas as having the potential to host one: West Midlands, Greater Manchester, the North-East, South Yorkshire, West Yorkshire, East Midlands, Teesside and, once again, Liverpool.

"There will also be at least one in each of Scotland, Wales, and Northern Ireland.

“To be chosen, each area must identify a location where they can offer a bold and imaginative partnership between local government and a university or research institute in a way that catalyses new innovation clusters.

“If the application is successful, they will have access to £80m of support for a range of interventions including skills, infrastructure, tax reliefs and business rates retention.”