Spending Review: Osborne tries to shore up his Northern Powerhouse credentials

The Chancellor announced the creation of a new £400 million Northern Powerhouse Investment Fund.

The money will be used to support the growth of small businesses across the North.

The Treasury said the money would come from the European Regional Development Fund, tthe European Investment Bank, and the Government.

Fund managers to oversee how the cash is invested will be appointed and money will be available to firms from summer 2016.

The Chancellor also found £150 million to support ongoing work to bring Oyster-style ticketing to transport in the North.

Transport for the North, a new body tasked with improving connections between towns and cities, is developing plans for a single ticketing system across the area.

The organisation itself was also promised £50 million of funding over the next five years.

The Autumn Statement and Spending Review included a funding agreement for the National College for High Speed Rail in Doncaster which is due to open in September 2017.

The Chancellor also announced £50 million to support the creation of two new “agritech” centres in York.

The funding will support one centre of excellence looking at crop health and protection while the second will explore innovation in livestock.