Herefordshire Council has developed an investment plan which seeks to secure £7.6m funding for the county to grow local business and the economy.
The UK Shared Prosperity Fund has been established to help address geographical disparities in economic performance and circumstances. In March, government allocated funding to Herefordshire, subject to submitting an Investment Plan on 1 August.
The investment plan was approved by Cabinet yesterday (28 July) and sets out how £7.6m from the UK Shared Prosperity Fund will be spent to grow local business, support skills development and local communities, and develop our city, towns, villages and rural areas.
The council’s investment plan outlines how the funding would be used in the county to support new business and growth, create opportunities in the cultural and creative economies in the county, to access new green economy opportunities, improve energy efficiencies, and develop workforce skills. £903,194 of the funding will be used for ‘Multiply’ adult numeracy support.
Cllr Liz Harvey, Cabinet member for Finance, Corporate Services and Planning, said: “We are very pleased to be receiving this much needed allocation to support skills development, local businesses, people and communities. The Investment Plan has been developed with local stakeholders and partners to ensure that it is focussed on our local needs.
“It will be of huge benefit to Herefordshire and I would like to thank everybody that has contributed to its development.”
More information can be found in the Cabinet papers.
