Steps have been taken to unlock £38.7 million of funding for Carmarthenshire over the next three years. The money has been allocated to the county under the UK Government's new Shared Prosperity Fund, which replaces European Union funding.
The Shared Prosperity Fund is being parcelled out to four regions in Wales. The South West Wales region, which includes Carmarthenshire, is to receive £137.7 million. Swansea is to receive £41.6 million, Neath Port Talbot Council £34.4 million, and Pembrokeshire £23.1 million, subject to the approval of a regional investment plan by UK ministers.
The four councils have been preparing their own plans to feed into the regional investment plan, which will be submitted to the UK Government by Swansea Council - the designated lead authority - by August 1. Carmarthenshire's cabinet has now approved the regional plan and agreed other steps to ensure the county benefits from the funding.
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Cllr Gareth John, cabinet member for regeneration, leisure, culture and tourism, said: "The funding will help us here in Carmarthenshire to run our economic recovery plan which has been developed in consultation with businesses and local communities and sets out our ambitions for future development and growth."
A report before cabinet said the bulk of Shared Prosperity Fund money will go on three priorities: communities and place, support for local businesses, people and skills. The remainder specifically targets adults who need to improve their numeracy skills. Councils haven't set out individual projects and schemes which they would like to benefit from the funding yet, but Carmarthenshire Council is keen to help existing firms expand and attract new start-ups.
It also wants to use the funding to boost town centres and environmental projects, expand the uptake of leisure and cultural activities, and grow the third sector’s role in delivering services. There is also a focus on supporting people into work in various ways.
The cabinet report said local businesses and the wider community were consulted on investment priorities, and added that a new group has been set up which will help oversee the delivery of the Shared Prosperity Fund in the county.
The fund is described as a central pillar of the UK Government's levelling up agenda. Councils can also apply for a separate pot of money called, somewhat confusingly, the Levelling Up Fund. The Levelling Up Fund is now in its second year, with Carmarthenshire Council having had significant success first time round by securing funding for the new community hub at the former Debenhams store in Carmarthen, and money for the Towy Valley cycle path linking Carmarthen and Llandeilo.
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