Member Article

North West could benefit more from European funding

The North West could gain more from eight different European funding initiatives, according research from Manchester think tank, New Economy.

A review of European Funding delivered to the North West region came up with eight separate financial instruments that could bring in added value to the existing grant-based approach.

Urban development funds, business angel finance, social impact boards and local asset backed vehicles are already being used across Europe, but their potential could be stretched in the North West of England.

New Economy said the public sector could be supported by these financial instruments, and could leverage larger amounts of money and greater flexibility in how European investment is spent and repaid.

The think tank published the review which was commissioned by the North West Regional Leaders Board on behalf of the five regions that make up the North West of England; Cheshire, Cumbria, Greater Manchester, Merseyside, and Lancashire.

The review also recommended that public organisations across the North West should continue collaboration with the private sector and their co-regional counterparts.

New Economy hopes this approach will spearhead high-quality investment opportunities and clear the way for wider socio-economic benefits.

Baron Frankal, director of economic strategy for New Economy, said: “The financial instruments identified in this research are cost-effective approaches to maximising the value of, and sustaining the level of EU funding within the region.

“Whilst this may not be a one-size fits all approach, the general consensus is that there is scope to use innovative financial products to the wider benefit of the North West region.

“The research phase is of course just the beginning. We’re now taking this forward into shaping a set of policies which will help to inform how sub-regions and localities within the North West approach the 2014-2020 structural funding programming period.”

This was posted in Bdaily's Members' News section by Miranda Dobson .