Millions of pounds flood to South West as part of levelling-up fund
A share of more than £90 million has been awarded to five projects across the West Country as part of the Government's Levelling-Up agenda
Last updated 21st Jul 2024
The third round of funding has been announced as part of the Government's Levelling-Up agenda, and five projects across the West Country are to benefit.
A total of £91 million will be shared across the projects, in a bid to 'spread equity, boost jobs and support communities' right here in the South West.
In all, the Government is boosting economic growth with £1 billion funding for 55 transformational from the third round of the fund, something which is said to 'drive forward the Prime Minister's priority to grow the economy' by levelling it up.
Cheltenham will receive £20 million to support the delivery of a National Cyber Innovation Centre that will create jobs, skills and learning for the community.
Somerset will get almost £20 million to help develop the Toneworks site and Tonedale Mill, showcasing their historical importance for years to come and creating useful space for the community and local businesses.
Levelling up Secretary Michael Gove said: “Levelling Up means delivering local’s people’s priorities and bringing transformational change in communities that have, for too long, been overlooked and undervalued.
“Today we are backing 55 projects across the UK with £1 billion to create new jobs and opportunities, power economic growth, and revitalise local areas.
“This funding sits alongside our wider initiatives to spread growth, through devolving more money and power out of Westminster to towns and cities, putting in place bespoke interventions to places that need it most, and our long-term plan for towns.”
Full list of projects receiving funding in the South West:
- Up to £20 million to support the delivery of Plymouth and South Devon Freeport and accelerate regeneration across the city's waterfront, including a Freeport Innovation Centre, modernising Millbay's port infrastructure and repurposing derelict assets
- Torbay is to receive £20 million to grow the economic potential of its fishing and hi tech sectors and create more high-skilled sustainable jobs for its coastal community
- Brixham’s Fish Quay and Market will be extended and a new Electronics and Photonics Innovation Centre will be built for extra manufacturing space
- Somerset will get almost £20 million to help develop the Toneworks site and Tonedale Mill, showcasing their historical importance for years to come and creating useful space for the community and local businesses
- Cheltenham will receive £20 million to support the delivery of a National Cyber Innovation Centre that will create jobs, skills and learning for the community
- A boost of £11 million in Gloucester to support the first phase of regenerating the neglected city centre's Greyfriars Quarter
Today the Chancellor has also announced the window to claim Freeport tax reliefs in England will be extended from five to ten years until September 2031.