Plans to create a multimillion-pound investment fund to boost jobs, accelerate economic growth and put more money in people’s pockets are set to go before regional leaders.
Declaring that “now is the time to invest,” regional mayor Tracy Brabin will put forward proposals for a new, £250 million capital investment fund for non-transport schemes, at a full meeting of the West Yorkshire Combined Authority later today (27 February).
This will complement the £2.5 billion being spent on transport infrastructure by the Mayor to better connect the region.
If approved, the Combined Authority will borrow against a proportion of its £38 million of flexible funding it receives each year from the Government, to create a much larger investment fund. This will help to get major projects off the ground and leverage up to £900 million of total investment alongside the private sector.
The fund will accelerate the delivery of the West Yorkshire Local Growth Plan, which aims to add £26 billion to the UK economy and support the creation of an additional 33,000 jobs for local people over the next ten years.
Tracy Brabin, Mayor of West Yorkshire, said: “We have an ambitious plan for jobs and growth in West Yorkshire, but without the right investment, our region cannot fulfil its full potential.
“That is why I’m stepping in with this new multimillion-pound investment fund, that will deliver warmer and more affordable homes, as part of vibrant and thriving communities for local people.
“This is devolution in action – by investing in the future of our region, we will put more money in people’s pockets and build a stronger, brighter West Yorkshire for all.”
To deliver the Local Growth Plan, investments have been identified across several key areas, which will combine with plans for a fully integrated transport network to create vibrant and well-connected communities across the whole of West Yorkshire.
Areas that will be targeted for investment include:
- The region’s housing and regeneration hotspots, where planning permission has been secured for an additional 34,000 homes on brownfield land, and regeneration plans have been drawn up to develop new neighbourhoods that are linked to transport, social and creative infrastructure. Working with Homes England and developers, the Combined Authority will look to drive housing growth by investing in flagship schemes through new partnerships and delivery mechanisms.
- The region’s culture, heritage and sport infrastructure, including pitches, libraries and concert venues. A 5,000-seat, indoor, multi-use arena could be developed, depending on the outcome of feasibility studies and provided that other key investors can be secured. Investment in the region’s creative infrastructure will boost skills and jobs, while contributing to increased wellbeing and the creation of more vibrant communities.
- The region’s plans for a home energy revolution, where every social home is retrofitted and every private homeowner can receive advice or financial support to invest in home improvements that bring down bills. The Combined Authority estimates that every social home and half of private homes must be retrofitted to meet the Mayor’s target of net zero carbon by 2038. The investment fund will be used to scale up this activity through a new Social Housing Investment Plan, incentives for homeowners to invest in green technologies such as heat pumps and solar panels, and a Home Energy West Yorkshire “One Stop Shop”, which will provide advice and support to households throughout their home improvement works.
- The region’s net zero ambitions, which will be supported through a new pipeline of green projects and five Local Area Energy Plans, co-created with the local authorities in Bradford, Calderdale, Kirklees, Leeds and Wakefield. The investment fund will help to unlock new renewable energy infrastructure such as onshore wind, and support the decarbonisation of existing assets such as buildings, businesses and transport. A proposed multimillion-pound West Yorkshire Climate Fund could blend public, private and commercial funding from banks to back new green projects through loan and equity schemes, while Mayoral investment in green skills training will help ensure that the region has the workforce it needs to deliver the green transition.
- The region’s Further Education colleges, which are facing a rising demand for space and equipment from young people needing the right skills for local, well-paid jobs. While the level of colleges’ capital funding is set by the Government, the Combined Authority is exploring investment options to meet this growing and ever evolving need. This will help to ensure that people and businesses have the skills they need to succeed, and that the region has the labour market it needs to deliver its flagship transformational projects, including a fully integrated transport system and an ambitious retrofit scheme for all social homes.
