A European award of around €160 million will help residents and local businesses across the county after Durham County Council played a lead role in lobbying for new funding.
The money, for 2014 to 2020, will be used to continue the economic growth of County Durham, focusing on small and medium enterprises, to help with improving ICT, innovation and research and development. Residents will also reap the benefits with increased employment and targeted help and support to boost their job prospects through training and lifelong learning. The continued regeneration of the County Durham area will be underpinned by improvements to infrastructure and an environmentally friendly approach, improving sustainable travel and shifting towards a low carbon economy.
Durham County Council played an instrumental role in securing the funding, with Cllr Simon Henig, Leader of Durham County Council, and the council’s Regeneration and Economic Development department lobbying both the Government and European Parliament for the implementation of Transition Areas.
Their creation meant that additional money was made available to areas like County Durham where economic performance is below that of other European regions. As a result, the North East Local Enterprise Partnership (NELEP) will receive around €540 million in funding as a whole.
The new money for County Durham is also less prescribed than previous European grants with less match-funding required from local agencies. This will allow for a more targeted approach to funding projects which will ensure that local priorities are met.
Cllr Simon Henig, Leader of Durham County Council, said: “We’re delighted that our hard work has paid off and that County Durham, and the North East as a whole, will benefit from a European funding boost as a result. Although the council strives to encourage economic development, such as the new Hitachi plant in Newton Aycliffe, the county has been hit hard by national austerity measures and an overall reduction in private sector investment. Therefore this funding award was vital to ensure the on-going economic stability of County Durham.”
Cllr Neil Foster, Cabinet member for economic regeneration, said: “The funding award is fantastic news for the whole of County Durham. The funding will not only boost local business and job prospects but ensure that residents have the skills and training required to fully take advantage of those benefits. Investment in the local economy and infrastructure, in an environmentally responsible way, can only ensure a better future for all our residents.”
In more good news for the residents of County Durham, a further €20 million of funding is now a possibility, specifically to tackle rising youth unemployment.
