Sunday, June 26, 2022

West Northamptonshire Council allocated more than £7m to boost local economy

West Northamptonshire Council has been allocated more than £7m in funding from the Government to boost the local economy over the next three years.

The money will be used to improve people’s life chances, increase skills, create stronger communities, and support local businesses.

It is made up of £5.4m from the UK Shared Prosperity Fund, the largest allocation in the South East Midlands, and a potential allocation of up to £1.9m in Multiply funding, which both replace previous strands of European social funding.

The Shared Prosperity Fund is intended to:

  • Boost productivity, pay, jobs and living standards by growing the private sector
  • Spread opportunities and improve public services
  • Restore a sense of community, local pride and belonging
  • Empower local leaders and communities

Multiply funding is specifically targeted at improving numeracy as better education in this area has been shown to improve people’s chances of progressing their careers. Its allocation is dependent on a robust business case.

Its primary aims are to:

  • Result in more adults achieving maths qualifications
  • Improve outcomes for employers
  • Increase general numeracy levels

The council will work with partners and providers to develop proposals to deliver these funds which will have the greatest beneficial impact for West Northamptonshire and support the local community.

Cllr Dan Lister, cabinet member for economic development, town centre regeneration and growth, said: “This money will help us ensure that residents, businesses and communities in West Northamptonshire have the support they need to grow and adapt to our changing economic landscape.

“In collaboration with stakeholders, community groups and local partners, we will analyse the greatest needs for West Northamptonshire and develop proposals to best address the opportunities using these funding pots.

“We are dedicated to supporting and growing the local economy, particularly as it recovers from the pandemic. It is the vision for WNC to deliver economic prosperity in this area, making it a place where everyone will thrive.”

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