Decision details

RESOLVED: Cabinet;

a)    Noted UK Government had advised WNC as the Lead Authority for UKSPF (£5,426,224.00) and Multiply (£1,901,176.15) for a three-year provisional maximum allocation of £7,327,400.15 and the requirement to develop both a UKSPF Investment Plan and a Multiply Investment Plan

b)    Endorsed the approach to develop both Investment Plans by sourcing evidence and liaising with internal and external stakeholders

c)    Noted that under existing delegated powers, officers would submit a WNC Multiply Investment Plan by 30th June 2022 to the DfE and update Cabinet in July

d)    A further report would be submitted to Cabinet in July to address the submission of the UKSPF Investment Plan by the deadline of August 2022

REASONS RESOLVED:

a)    To ensure West Northamptonshire benefits from this grant funding to enhance the community, boost the economy and support local residents and businesses.

b)    To maintain ongoing economic growth within the area, particular with the impending loss of EU funding and the need to utilise UKSPF to deliver positive economic development within the community.

c)    Would enable the Council to submit the Multiply Investment Plan by 30th June 2022.

d)    To secure the maximum level of investment to enhance local skill levels, benefiting the community and economy.

ALTERNATIVE OPTIONS:

·         To not develop and submit an Investment Plan for the UK Shared Prosperity Fund would result in a loss of major potential investment into the area, which would be used to support the community and place, business support and people and skills.

·         To not develop and submit an Investment Plan for Multiply Funding by the deadline would result in a loss of major potential investment into local skill levels, addressing existing and potential anti-poverty, impacting the local quality of life, local employment and future of West

Northamptonshire residents.