Big overnight news from George Osborne’s high profile Chinese trade mission as he announced a £1.2 billion deal for his hosts to fund the building of 10,000 new homes in Manchester, Leeds and Sheffield, creating 18,000 jobs.
All part of the Chancellor’s drive the create a 'Northern Powerhouse' to counterbalance the economic might of London, the agreement is set to deliver a major extension of Thorpe Park in Leeds, a large scale office, retail and leisure development led by Yorkshire property firm Scarborough Group.
Kevin McCabe, Chairman of the Scarborough Group, who is travelling with Mr Osborne on the five-day trip, said this morning: “As a family business with its roots in the North of England, we are now very proud to bring our partners in China to the UK to invest in our great Northern cities and to accelerate the development of our major projects."
As the Chinese economy slows and with the Chancellor’s sights fixed very firmly on succeeding David Cameron as Prime Minister, perhaps China’s difficulties could well prove to be the North of England’s major gain.