STOCKPORT, U.K.: Greater Manchester is taking another significant step toward reshaping its regional economy, launching a £1 billion "Good Growth Fund" on November 20 to accelerate investment in housing, jobs, and local regeneration across the city region.

The fund, unveiled in Stockport, represents the largest initiative of its kind in England and signals the deepening of Britain's devolution push. An initial £400 million will be deployed in the first wave, with the region aiming to attract £1.3 billion in matching private investment.

Greater Manchester Mayor Andy Burnham said the programme marks the most significant moment for the region since the devolution agreement a decade ago that handed powers to newly created metro mayors.

"Greater Manchester is the UK's economic success story of the past decade," Burnham said, adding that the fund is designed to reach communities that have not fully benefited from the city region's rapid growth.

Manchester, which competes with Birmingham for the title of Britain's second city, sits at the centre of one of Europe's starkest regional inequality gaps. While its economy has expanded quickly, disparities with London — and within the city region itself — remain deeply entrenched.

Burnham used the launch to urge Prime Minister Keir Starmer's government to follow through on long-promised national investment, particularly in primary transport links.

"The single biggest risk to Greater Manchester's growth in the next decade and beyond is the lack of commitment to the big rail and road infrastructure that the northwest desperately needs," he said.

Starmer's administration has committed to devolving more power to regional leaders and increasing skills training. However, Burnham said Greater Manchester is still waiting for clarity on when the necessary infrastructure funding will arrive.

With Finance Minister Rachel Reeves due to present her annual budget next week, Burnham signalled the fund could do far more with government support.

"We are asking other public finance institutions to join (the fund) as investment partners, institutional partners, just as the Greater Manchester pension fund has done," he said.

The city hopes that aligning local public-sector finance with private capital will unlock a broader wave of development, from affordable housing to new employment hubs — part of a broader strategy to strengthen regional autonomy and close the economic gap between northern England and the capital.