Deprived communities set to benefit from local growth funding, reveals Chancellor Reeves.
In today’s Spending Review, Chancellor Rachel Reeves announced ‘investments in up to 350 deprived communities across the UK’.
Chancellor Reeves declared the local growth investments will be made into mayoral city regions in the North and Midlands, ‘completing the transition from the UK Shared Prosperity Fund’ through the long-term funding strategy.
The local growth fund involves a 10-year settlement to support regions with ‘the highest productivity catch-up and agglomeration potential’.
According to the Financial Times, areas such as Newcastle, Blackpool South and Stockport will benefit from the funding boost that will contribute towards local growth projects and enhanced community facilities.
Regions in Wales, Scotland and Northern Ireland are also included in the schemes and will receive the same level of financial support towards local initiatives as communities in the UK.
