North of England set for long term investment fund

A long-term investment fund is to be established for the North of England which will be aimed at creating both jobs and capturing the "economic benefits of shale gas".

The as yet unnamed fund will be established from the tax revenues of shale gas in the North and other areas hosting shale gas developments.

The fund is being established to "capture the economic benefits of shale gas for future generations" and will ensure revenues from shale gas are being invested in the long-term economic health of the North to create both jobs and further investment.

The fund has been created as part of a science and innovation package announced at the Autumn Statement, which seeks to "cement the North as a world leader in science and technology".

The measures announced in the package will build on the existing "science and technology expertise" in the region.
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