13 July 2020
“We are delighted to be working closely with the Department for Business, Energy & Industrial Strategy to agree a ‘Getting Building Fund’ investment of £19.2 million for the Coast to Capital area. The fund has been set up to invest in local infrastructure projects to drive economic growth in the wake of the COVID-19 crisis."
Getting Building Fund
"Our goal is to fund innovative projects which meet the government requirements of driving up economic growth and jobs and green recovery. As the key criterion for this funding was for projects to be shovel-ready, these projects will need to act fast to help provide a much-needed boost to the economy.
We are proud that our bid contains a series of ambitious and deliverable bids relating to digital infrastructure, skills and innovation. There is also a strong green growth component, reflecting the region’s expertise in natural capital, energy and transport projects."
The impact of COVID-19
"The impact of COVID-19 has proven to be particularly targeted on our areas of economic strength, meaning that our economy appears to be among the worst affected in the country. Restrictions on air travel and the long-term restructuring of the aviation sector will profoundly impact our area, whilst social distancing and enforced closures have dramatically affected the leisure, retail, hospitality and tourism sectors."
Understanding the region's economy
"We are updating our understanding of the region’s economy to fully assess the impacts of the pandemic and create a recovery plan alongside partners. We then aim to use this with the work already completed on the Local Industrial Strategy (LIS) to prepare a strategy for the region.
The ‘Getting Building Fund’ will complement our work on the LIS to make a positive difference to our businesses, people and communities. We are committed to negotiating a deal which will help to boost the local economy in response to the pandemic and we look forward to sharing details on the successful projects in the coming weeks.
The exact details of the package, including the pipeline of projects to benefit from the fund, will be submitted to government by Friday 17 July in line with our governance arrangements.”
Jonathan Sharrock, Coast to Capital Chief Executive