Chancellor calls for 'confidence about Britain' despite 'historic high' borrowing costs

Chancellor John Healey set out a £150m fund from existing British Business Bank resources to spread growth to companies in northern England. It would invest £5m to £15m in innovative fast-growing firms and university spin-outs, aiming to attract private capital and create jobs. Against rising government borrowing costs and concern about the 28 October Budget, opposition parties questioned the fund’s scale and impact, while Healey declined to say whether taxes would rise.