The new national infrastructure bank will be based in Leeds, chancellor Rishi Sunak revealed alongside other announcements badged under the Government's levelling up agenda.

Announced in today's Budget, the new bank will provide financing support to private sector and local authority infrastructure projects across the UK to help meet government objectives on climate change and regional economic growth.

The Treasury said the bank would benefit from Leeds' position as an 'established financial hub with excellent transport links across the UK'.

In addition, a new Treasury campus in northern England will be located in Darlington, County Durham.

Mr Sunak also confirmed more than £1bn from the Towns Fund for a further 45 deals across England.

Officials said: ‘This will help to level up regional towns, giving them the tools to design and implement a growth strategy for their area.'

In addition, ministers will launch a new National Infrastructure Commission study on towns and regeneration, which will 'consider how to maximise the benefits of infrastructure policy and investment for towns in England'.