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, Eluned Morgan, 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, Rebecca Evans, 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 Jo Stevens 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.”
