Powys and Ceredigion plan joint £42 million funding bid

By Elgan Hearn   |   Local democracy reporter   |
Thursday 21st July 2022 5:30 am
Share
Councillor James Gibson-Watt Leader of Powys County Council and Councillor Bryan Davies, Leader of Ceredigion County Council.
Councillor James Gibson-Watt Leader of Powys County Council and Councillor Bryan Davies, Leader of Ceredigion County Council. (Powys/Ceredigion councils )

Subscribe newsletter

Subscribe to our email and get updates right in your inbox.

A BID for over £42 million from the UK Government’s Shared Prosperity Fund (SPF) is set to be jointly made by both Powys and Ceredigion councils.

A report into the “Regional Investment Plan” for mid Wales will be considered by cabinets in Ceredigion and Powys on Tuesday, 26 July, with the deadline for bids being Monday, 1 August.

The SPF is seen as the replacement for the European Union structural funding which will stop following Brexit.

The report suggest that over a three-year period that Powys will receive £27.443 million and Ceredigion £14.961 million

The report states that Ceredigion would be the “lead authority” for the SPF.

Projects need to come under three themes, and these are:

• Communities and place.

• Supporting local business.

• People and skills.

The report adds that the SPF would be split evenly between the counties with 40 per cent going to Communities and Place; 40 per cent to Supporting Local Business and 20 per cent to People and Skills.

The UK Shared Prosperity Fund (UKSPF) is a central pillar of the UK Government’s Levelling Up agenda.

It provides £2.6 billion of new funding for local investment by March 2025, with all areas of the UK receiving an allocation from the fund by a funding formula rather than a competition.

The UK Government say the SPF will:

• Boost productivity, pay, jobs and living standards by growing the private sector, especially in those places where they are lagging.

• Spread opportunities and improve public services, especially in those places where they are weakest.

• Restore a sense of community, local pride and belonging, especially in those places where they have been lost.

• Empower local leaders and communities, especially in those places lacking local agency.

As we continue to protect and grow quality local journalism, Cambrian News is considering experimenting in the future with some form of paid-for content on our website.

If you’d like to help shape how that may look and secure some free credits if we do go live then please register  here.

Comments

To leave a comment you need to create an account. |

All comments 0