IED Urges Strategic £1bn Levelling Up Fund Allocation
The Institute of Economic Development (IED) has urged the government to strategically allocate the remaining £1bn of the Levelling Up fund. This follows the recent distribution of £2.1bn to councils across the UK, with the total fund worth £4.8bn over four years.
The fund aims to boost local economies and support major infrastructure projects. Recent allocations include Weymouth Harbour in Dorset, Southampton's Outdoor Sports Centre, and Reading's Hexagon Theatre. However, the IED has raised concerns about the regional balance of funding, with more than £27m spent by councils on bids, predominantly in the North.
Despite their efforts, Leeds City Council's bids were unsuccessful. Meanwhile, authorities in Berkshire, Dorset, and Hampshire have benefited from the fund. Secretary of State for Levelling Up, Michael Gove, has described the funding for three southern authorities as 'transformational'. However, there's a lack of public details about which regions have missed out on allocations from 2023 to now.
With £1bn still remaining, the IED's call for effective prioritisation of the fund is timely. The government must ensure fairness and balance in allocating the remaining funds to support regional economies and infrastructure projects across the UK.
Read also:
- Thieves Steal Unique Sculptures from Redwood National Park's Grove of Titans
- Stellantis Pivots US Strategy: Drops Electric Dodge Charger, Embraces V8s
- Thessaly's Climate Plan Stalls Two Years After Storm Daniel Devastation
- Strategizing the Integration of Digital Menus as a Core Element in Business Operations
