Levelling up Region will have to fight for share of funding
BUSINESS leaders in the South West have welcomed Chancellor Rishi Sunak’s promises to “level up” the UK with Government spending, but say the West Country will still have to fight for its share of the cash.
The Chancellor, in his Spending Review, said the South West would benefit from spending on housing, highways and flood and coastal defence.
But it was the new £4billion Levelling Up Fund which grabbed much attention, designed to pay for local infrastructure that has a “visible impact” on people and their communities and support economic recovery.
Business leaders in the South West welcomed this but said it will now be for the region to make a strong case for the cash, and fear the region could be overlooked in favour of areas in the North where the Tories made gains in the 2019 general election.
Likewise, there is a concern the announcement of a £220million Shared Prosperity Fund, designed to replace EU structural funding, could end up being diverted elsewhere.
Tim Jones, chairman of South West Business Council, said the South West will now have to “roll its sleeves up” and battle for its share of funding.
He said the hard work starts now for the region if it is to benefit from measures such as the Levelling Up Fund and added: “This is the beginning, we have to get a battle plan together.”
He said the Levelling Up Fund was encouraging news but stressed: “We will have to get our act together and demonstrate our ability to add value.”
Mr Jones also said he hopes Government aid for the West Country will continue beyond he Spending Review announcements and there will be further help for the region’s economy, which has been ravaged by the Covid crisis and its economic aftershock.
“By far and away the hardest hit sector is hospitality, tourism and leisure, so we need special help over time,” he said. “That could be a two- or three-year journey.”