Mayor of York and North Yorkshire David Skaith has announced plans for four new funds worth up to £27.5 million over four years.
A Vibrant and Sustainable High Streets Fund, Carbon Negative Challenge Fund, Business Innovation Fund and Skills Innovation Fund aim to enable growth across the region and test new ideas.
Outline plans for each fund were put to the membership of York and North Yorkshire Combined Authority. Funding of up to £27.5 million from the Mayoral Investment Fund was agreed in principle, subject to further consultation with elected members.
Ahead of an expected launch later this year, funds are being shaped by input from businesses, organisations and individuals around the region. This includes sector-specific engagement days led by the Mayor.
The funds also take direction from the Combined Authority’s new Economic Framework, which positions the strategic aims for the organisation moving forward.
It has healthy and thriving communities as its primary focus, alongside aims around affordable and sustainable housing and transport, vibrant and sustainable places and boosting business and a thriving workforce.
David Skaith, Mayor of York and North Yorkshire, said: “These four funds will enable the region to innovate, to try new things, to tackle challenges head on and collaborate. The role of Mayor is brand new for our region, and I see it as a way of bringing people together so that we are all benefitting from devolution.
“The new funds will tackle the key challenges and opportunities we’re being told about by our communities and partners. High street businesses need support to thrive, and I know we can build on great work that has happened already in York and North Yorkshire with the carbon negative agenda. Businesses tell us they need skills to support their work, and that opportunities can also be unlocked by feeding innovation and driving productivity.”
- Vibrant and Sustainable High Streets Fund
Indicative £10 million funding across 2024 to 2028 approved in principle. The purpose of this fund is to rejuvenate and reanimate high streets across York and North Yorkshire, with key objectives including boosting resilience among businesses, supporting businesses to expand their offer and increasing events and activities that can attract residents and visitors to high streets. - Carbon Negative Challenge Fund
Indicative £10 million funding across 2024 to 2028 approved in principle. The fund seeks to support the development and delivery of projects that can help York and North Yorkshire become England’s first carbon negative region. The goal is for projects to be innovative in nature; for example, trialling new approaches or technology, serving as a “demonstrator” project that others can replicate, or projects that will enable systems change across the region. - Business Innovation Fund
Indicative £5 million funding across 2024 to 2026 approved in principle. The fund aims to achieve greater progress, and at a faster rate, in delivering economic opportunity across York and North Yorkshire by providing the right conditions to attract new investment and support our businesses to be more innovative, productive and resilient. - Skills Innovation Fund
Indicative £2.5 million funding across 2024 to 2026 approved in principle. This fund aims to ensure there are opportunities for all – boosting the range of courses available which also meet the needs of the region’s businesses.
Mayor Skaith added: “The Combined Authority only formed in January, followed by the Mayoral elections in May. Finalising our Economic Framework at this early stage is a real success story, as that sets the aims and ambitions for all the Combined Authority’s work.
“I’m pleased that the Economic Framework has been supported, and funding agreed in principle for the four new funds. We can now continue working in partnership across the region to develop these further ahead of launching them and making a real impact for communities and our economy in York and North Yorkshire.”
It is hoped that the new funds will also help attract further investment into the region.
