Burnham's government pumps £700m of public money into reviving up to 10 stalled industrial sites across the UK

The Strategic Sites Accelerator launches today, directing £700m in loans, equity and grants to unlock between six and ten commercially viable but stalled industrial and commercial sites around the country. Business Secretary Jonathan Reynolds said outdated infrastructure, finance gaps and planning blockages have been "shackling Britain's potential." The programme is already in talks with partners over sites in Glasgow, Sheffield and a science and technology park at Burgess Hill in Sussex.

The scheme aims to draw in as much as £2bn in private investment and create tens of thousands of jobs across the coming years.

Eligible sites could include science parks, defence facilities, technology hubs and manufacturing plants, with mayors flagging opportunities in regions such as Greater Manchester, the West Midlands and Cardiff.

Conservatives hit back, saying Labour "went in completely the wrong direction" at last week's Budget.