Singapore Cash To Pay For Northern Powerhouse

The Prime Minister's concept of a northern powerhouse took off today with most of the Singaporean leadership saying they'd pour funds into northern England.

Singapore's Government runs sovereign wealth funds worth $500bn (£320bn), amongst the biggest in the world.

Some of that money alongside private Singaporean investment is now heading to the M62.

Mr Cameron personally insisted on running the first ever northern powerhouse trade mission alongside h is four-country trip to South East Asia.

He said investment in the North would be the “Government’s legacy”.

Mr Cameron said the football teams in northern cities helped raise awareness about the region.

In meetings with investors, the Prime Minister repeatedly invited them to look beyond London to Manchester, Leeds and Sunderland.

He said: "I want you to think again about investing in the UK."

The Prime Minister suggested that Singapore could provide a model for the Manchester-Leeds region.

Natalie Yong, a Singaporean investor particularly attracted by airports and high speed rail, told Sky News: "Singaporeans have already invested in London. Manchester and Leeds are the growth areas. Everybody is moving up there."

Investors met a delegation from the UK including tech businesses, the new interim super-mayor of Greater Manchester, Tony Lloyd, and the new leader of Leeds City Council.

Both cities listed a series of projects seeking hundreds of millions in foreign investment.

Business Secretary Sajid Javid said "I've already heard from people on this delegation that deals are being done because we have that Northern powerhouse."

Sky News asked him why investments in infrastructure and housing were being left to foreign investors and not funded by the Government.

He said: "This is complementary investment, we have investment from home from UK Government or business and we welcome investment from around the world."

It is the face of how the transformation of Britain's biggest cities will be funded: money not spent by a cash strapped British public sector, but by the cash-rich private sector of the east.

The Prime minister referred to how a Yorkshireman, Sir Stamford Raffles, built Singapore two centuries ago.

The Government now wants Singapore and other Eastern investors to build its northern powerhouse. The empire strikes back.