£27.5m investment plan unveiled to help trigger regional growth

The Mayor of York and North Yorkshire David Skaith has revealed plans for four new funds worth up to £27.5m over four years.

A Vibrant and Sustainable High Streets Fund, Carbon Negative Challenge Fund, Business Innovation Fund and Skills Innovation Fund aim to enable growth across the region and test new ideas.

Outline plans for each fund were put to the membership of York and North Yorkshire Combined Authority at a meeting today.

Funding of up to £27.5m from the Mayoral Investment Fund was agreed in principle, subject to further consultation with elected members.

Ahead of an expected launch later this year, funds are being shaped by input from businesses, organisations and individuals around the region. This includes sector-specific engagement days led by the Mayor.

Skaith said: “These four funds will enable the region to innovate, to try new things, to tackle challenges head on and collaborate.

“The role of Mayor is brand new for our region, and I see it as a way of bringing people together so that we are all benefitting from devolution.

“The new funds will tackle the key challenges and opportunities we’re being told about by our communities and partners.

“High street businesses need support to thrive, and I know we can build on great work that has happened already in York and North Yorkshire with the carbon negative agenda.

“Businesses tell us they need skills to support their work, and that opportunities can also be unlocked by feeding innovation and driving productivity.”

• Vibrant and Sustainable High Streets Fund
  Indicative £10m funding across 2024 to 2028 approved in principle. The purpose of this fund is to rejuvenate and reanimate high streets across York and North Yorkshire, with key objectives including boosting resilience among businesses, supporting businesses to expand their offer and increasing events and activities that can attract residents and visitors to high streets.
• Carbon Negative Challenge Fund
  Indicative £10m funding across 2024 to 2028 approved in principle. The fund seeks to support the development and delivery of projects that can help York and North Yorkshire become England’s first carbon negative region. The goal is for projects to be innovative in nature; for example, trialling new approaches or technology, serving as a “demonstrator” project that others can replicate, or projects that will enable systems change across the region.
• Business Innovation Fund
  Indicative £5m funding across 2024 to 2026 approved in principle. The fund aims to achieve greater progress, and at a faster rate, in delivering economic opportunity across York and North Yorkshire by providing the right conditions to attract new investment and support our businesses to be more innovative, productive and resilient.
• Skills Innovation Fund
  Indicative £2.5m funding across 2024 to 2026 approved in principle. This fund aims to ensure there are opportunities for all – boosting the range of courses available which also meet the needs of the region’s businesses.

Councillor Claire Douglas, leader of City of York Council, said: “The creation of these four funds through the Mayoral Investment Fund presents businesses and skills providers with a host of opportunities to adapt to the future of our region’s economy.

“It highlights one of many early benefits of York and North Yorkshire’s devolution deal and how having a Mayor will make a difference for businesses and to our region’s economy in the years ahead.”

North Yorkshire Council’s leader, Councillor Carl Les, said: “The benefits of bringing more decision-making powers and funding to the region are now being realised through the long-awaited devolution deal for York and North Yorkshire.

“These four new funds relate to a wide range of issues which will all bring a host of improvements for residents and businesses.

“The funding will help protect the environment, bring improvements to our high streets and help boost training and skills and attract new enterprise and better jobs.”

The Mayoral Investment Fund comes from the region’s historic devolution deal, worth £540m over 30 years.