West Suffolk sets out £2.7 million plans to further boost prosperity

Plans to use nearly £2.7 million from two government funds to further boost prosperity, the local economy and tackle the cost of living in West Suffolk are set to be agreed.

West Suffolk Council Cabinet will discuss the details of the two separate funds to be spent over three years at their meeting on Tuesday, November 8.

The meeting will hear more about detailed initiatives for the £1,943,467 allocated to West Suffolk through the UK Shared Prosperity Fund (UKSPF), previously discussed by cabinet and council in July.  It will also hear initial plans for the £753,701 from the more recently announced Rural England Prosperity Fund (REPF), bringing the total amount of investment to £2,697,168.

The funding will help meet government and local aims in supporting economic, wellbeing and environmental prosperity – including support for businesses, heritage, rural enterprises, and initiatives to tackle cost of living challenges. It will provide investment, in addition to what the council and partners are already providing, in improving local towns and high streets – including better access for people with disabilities.

Plans include a wide range of initiatives from helping look at moving the market in Newmarket to a new car park for Clare.

Community groups, sports and arts organisations, businesses, BIDS, and town councils will be able to bid for extra funding to support the aims of the funds and deliver local solutions.

In line with the government’s profiling of the fund, the majority will be used in the second and third of the three years. It is also expected by government that this funding will be used to invest in skills and business support in years two and three – representing a large investment in this area to further improve the local economy.

Each fund has strict government criteria that need to be met to unlock the allocated funding and is part of the national policy on levelling up while driving growth and prosperity. This also means the REPF can be used anywhere in West Suffolk but not Bury St Edmunds whereas UKPSF can be allocated across the district.

The proposals for the new REPF funds will be divided across a series of schemes and initiatives that already have public support and will help unlock or support locally driven economic growth that could not be delivered without council stewardship. Funding will also be provided in the form of grants to businesses or to enable groups and organisations to deliver tailored solutions for their areas – building on the council’s Community Chest initiative.

The proposals for the first two years of the UKSPF – which is both capital and revenue funding – centre on investing in communities and place, supporting businesses and helping people gaining skills to seize employment opportunities. A further decision will be taken on funding for year three at a later date.

The UKSPF proposals include a number of grant funding opportunities that community groups and others will be able to access. Details of each of these will be published in due course on the West Suffolk Council website.

The aim of the REPF is to support the Levelling Up White Paper and Future Farming Programme. Government has advised councils to focus the funding on grants to businesses and community groups. In particular, the Rural Fund provides capital funding to:

• support new and existing rural businesses to develop new products and facilities that will be of wider benefit to the local economy. This includes farm businesses looking to diversify income streams; and
• support new and improved community infrastructure, providing essential community services and assets for local people and businesses to benefit the local economy.

John Griffiths, leader of West Suffolk Council, said: “These two government funds, which represent a total of nearly £2.7 million, are welcome in helping deliver plans that further support growing the economic, wellbeing and environmental wellbeing of our businesses and communities.”