Council unlocks investment to boost prosperity

A plan to increase opportunity for residents and boost the local economy has received the green light from government.

Published: Wednesday, 8th February 2023

Cherwell District Council’s UK Shared Prosperity Fund (UKSPF) investment plan has been approved by the Department for Levelling Up, Housing and Communities, unlocking a £1.25m pot of money to invest in the district by March 2025.
The plan focusses on five themes which will steer how the funding is used: business retention and growth; the green economy; investment in urban centres; community and cultural development; and enhancing life chances for vulnerable residents.
Councillor Ian Corkin, Deputy Leader of the Council and Portfolio Holder for Regeneration and Economy, said: “We’re working to make Cherwell a more prosperous and fulfilling place to live, work, and do business, and this very significant funding award from government is a fantastic opportunity to help us do that. 
“We’ve got a clear plan for how to use this money from the government: over the next three years people will notice some of the really positive improvements we’ve got planned. 
“They include high quality skills training and support for new and growing businesses. We will also be investing in community infrastructure such as new sports grounds and the development of new green spaces to increase people’s life opportunities.” 
Cherwell will receive the funding from government in three annual instalments, with £152,000 in the first year, £304,000 in the second year and £798,000 in the third year. 
During year one, the council will be investing in a number of relatively small, ready-to-go projects, while feasibility studies to prepare the way for future years are also being delivered in year one. 
In years two and three external partners will also be involved in the delivery of Cherwell’s UKSPF projects and details will be available in due course about how applications can be made to access elements of the fund. 
For further detail click below.

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