Member Article

North East wins big in EU structural funds

The North East has received a large portion of EU structural funds, the Government has announced.

Nearly €741m has been allocated to the region’s two Local Enterprise Partnership areas for use in stimulating local growth and jobs over the next seven years.

The region has been more successful than larger areas such as Greater Manchester and the Leeds City Region in fighting for a greater portion of the ERDF and European Social Fund (ESF) cash.

Tees Valley Unlimited will receive nearly £173m while the North East LEP will get roughly £461m.

It follows recent news that seven North East local authorities are taking steps to form a combined authority to tackle growth.

Linda Edworthy, director of Policy and Strategy at Tees Valley Unlimited, the Local Enterprise Partnership for Tees Valley, said; “We are pleased that the allocations have been announced – the focus of funding from the European Regional Development Fund and the European Social Fund dovetail nicely with TVU’s priorities, which support low carbon, energy efficiency, innovation and skills, exports and SMEs.

“We will look at the methodology behind the Tees Valley allocation and work with partners to determine how it will be best invested to benefit our local economy.”

Cllr Mick Henry, Chair of the combined authority, LA7, added: “This allocation provides us with a real chance to make huge inroads in some of the ambitions that we all have for the area. These funds will be directed towards world class innovation, market-lead access to finance for small and medium sized companies, sustainable growth and improving our skills and the efficiency of our labour markets to achieve more inclusive growth.

“We are already undertaking a wide ranging discussion with our communities, partners and stakeholders in the region about these funds and the allocation will give extra impetus to that debate.”

Business Minister Michael Fallon said: “This funding is a real boost for local growth. The funds have been allocated in a fair way that supports disadvantaged parts of the UK and for the first time we are putting local areas, via their Local Enterprise Partnership, in the driving seat giving them the power to decide how the funds are best targeted.”

This was posted in Bdaily's Members' News section by Tom Keighley .