Chancellor unveils growth fund for northern England firms

Chancellor John Healey has announced a £150 million fund for businesses in northern England. The money is part of a wider government plan to grow the UK economy.

Healey said that managing public finances carefully and growing the economy must go together. However, the announcement came at a difficult time. UK government borrowing costs have risen to their highest level in 28 years, which has worried some politicians and investors.

Opposition politicians have criticised the government over these rising costs. They have also raised concerns that taxes could increase in the future.