Newcastle based property developer, Stripe Property Group, has highlighted how the North East has so far been left out in the cold when it comes to the benefit of the government’s Levelling Up Fund, with just 11 grants awarded across both rounds of investment, totaling just £209m.
Stripe Property Group analysed the 216 successful bids to have been awarded funding via the government’s Levelling Up Fund, revealing which regions of the UK have seen the largest level of successful bids and the sums awarded.
The Levelling Up Fund, worth £4.8bn, was announced in November 2020 as part of the 2020 Spending Review, with the intention to help boost investment into local infrastructures in order to aid economic recovery and improve local communities.
So far, there have been two rounds of investment with 216 successful bids being granted across the UK. Total investment to date sits at £3.780bn, with the average award value per bid coming in at £17.5m.
While all regions of the UK have seen some form of benefit, it’s the North West that sits at the top of the table. The region has seen 27 successful bids across both rounds of investment, accounting for 13% of total successful bids awarded. What’s more, the total value of these successful bids currently sits at £586m, 16% of the total value awarded and averaging £21.7m per bid.
The East Midlands, South East, Wales and Northern Ireland have also seen some of the largest levels of successful bids awarded via The Levelling Up Fund at 10% of the total figure per region.
The East Midlands, South East and Wales have also seen some of the highest levels of total investment, although at just 3%, Northern Ireland has seen the lowest value awarded of all UK regions.
In contrast, there have been just 11 successful bids granted funding across the North East, accounting for just 5% of total grants awarded – the lowest of all UK regions.
The region is also home to the second lowest total value of investment after Northern Ireland at just £209m, averaging £19m per successful bid.
Managing Director of Stripe Property Group, James Forrester said, “When breaking down just where the benefit of The Levelling Up Fund has been concentrated so far, it’s clear that the government has taken a fairly lopsided approach when it comes to boosting the economy of the North.
We’re used to being shown the cold shoulder by the powers that be in the North East, so these figures won’t come as a surprise, and it’s fair to say that the region is currently going from strength to strength regardless of the fact that so little has been awarded via the Levelling Up Fund.
The North East has a great deal to offer and in recent years we’ve seen real commitment from investors to boost the region both in terms of a place to live and work.
It’s an exciting time and the government’s failure to recognise this certainly won’t dampen our endeavours.”