£27m Spent on Levelling Up Bids, North Misses Out
Over £27m has been spent by councils on bids for the Levelling Up fund, with many northern authorities missing out on crucial funding. The fund, worth £4.8bn, aims to boost regional economies and create jobs across the UK over the next four years. However, recent allocations have favoured southern England, raising concerns about regional balance.
The latest round of funding has seen major infrastructure projects awarded to southern authorities. Weymouth Harbour, Southampton's Outdoor Sports Centre, and Reading's Hexagon Theatre are among the beneficiaries, with a total of £2.1bn distributed to councils in Berkshire, Dorset, and Hampshire. Despite significant efforts, Leeds City Council's bids were unsuccessful.
Levelling Up Secretary Michael Gove hailed the funding for southern authorities as 'transformational' for job creation and economic growth. However, the Institute of Economic Development (IED) has called for longer term certainty and revenue investment in the fund. The Institute for Fiscal Studies (IFS) found that northern authorities were less likely to receive funding, sparking concerns about regional disparities.
With £1bn remaining in the Levelling Up fund, there are hopes that future allocations will address the regional imbalance. The fund's long-term impact on the UK's economic growth and job creation remains to be seen, with calls for more balanced and sustainable investment.
