The Welsh Government has today set out its plans for
the £547m Local Growth Fund, which will
be used to boost the Welsh economy.
On a visit to Ebbw Vale today, the First Minister will announce
details of the Investment Plan, endorsed by the Welsh and UK
governments, over the next three years, which sets
out the financial
allocations for each priority
area and for each of the
four Welsh regions.
The Local Growth Fund will
be allocated across three
priorities - supporting productive and competitive
businesses, increasing skills and helping people into
work, and building infrastructure.
The Fund is designed to empower Wales' regions
and target areas with the
greatest need to
increase productivity, help businesses
grow and create better paid jobs.
Following the funding agreement with the UK Government, money
will be allocated based on tailored spending plans which will set
out the opportunities and needs in those regions. Investment
will reflect regional economic strengths and
opportunities, such as advanced
manufacturing and clean energy.
The First Minister, , said:
“I'm really pleased decisions
on this post-EU funding, which is
so important in supporting regional and local economic
growth in Wales, is being returned
to the Welsh Government.
“We want to use all the levers we have to
stimulate economic growth, especially in parts of
Wales where economic inactivity
and unemployment are higher and wages are lower.”
Cabinet Secretary for the Economy, Energy and Planning,
, added:
“The Local Growth Fund for Wales will help create and
secure jobs in key
industries, providing exciting opportunities for
people to develop high-quality,
long-term careers.
“We will work with local government
and other partners to ensure the Fund, alongside
other programmes, is best used to create jobs, unlock
growth and deliver for Wales.”
Secretary of State for Wales said:
“This transformational funding will create jobs,
boost productivity and support economic growth across
all parts of Wales.
“Decisions about how funding is used in Wales are best made in
Wales and the agreement we have reached with the Welsh
Government delivers our manifesto commitment to restore
decision‑making on post-EU funding to Wales.
“It is another example of the UK and Welsh governments
working together in partnership to deliver for our
communities.”
The Investment Plan is published here Regional investment in
Wales after Brexit | GOV.WALES.
