Devolution: What is the investment fund that will come with the deal if it’s agreed?

Council News
09:20, Wednesday, 13th December 2023

The three upper tier councils of Lincolnshire County Council, North Lincolnshire Council and North East Lincolnshire Council secured a £720m devolution deal in principle with government on 22 November 2023.

This means that, if the deal is agreed, the Greater Lincolnshire Mayoral Combined County Authority, (MCCA), would be handed control of £24 million per year for the next 30 years to create new jobs and take forward the region’s priorities for the whole area over the long term.

The Greater Lincolnshire MCCA would allocate the Investment Fund to specific projects to support the creation of new jobs in Greater Lincolnshire, subject to a business case process.

This would be extra money with the existing local authorities running as they do now with their own separate budgets to develop and grow services for their residents.

Professor Neal Juster is Chair of the Greater Lincolnshire Local Enterprise Partnership (GLEP). He has welcomed the Proposal both for Greater Lincolnshire and the Humber.

He said: “Devolution will bring many opportunities for our area, not least through this additional pot of money which we can use to support economic regeneration across Greater Lincolnshire.

“Many of our priority sectors and game-changing projects rely on significant investments and the right skills if they are to be fully realised – investment in new technologies for agrifood, for example, or investment in extra capacity for our world-leading green energy cluster on the Humber.

“If approved, our devolution deal will give us the freedom to allocate these funds where we believe they will be most effective – and that can only be good for the economic future of Greater Lincolnshire.”

If the deal is agreed, the Combined County Authority would direct long-term investment in areas such as highways, transports, and local communities. There would also be a focus on green growth, delivering food and energy security to the UK and putting Greater Lincolnshire at the forefront of renewable and clean energy technologies and production – to be a world-leading provider of food, seafood and associated technological innovation.

The deal Proposal also pledges improvements in business productivity, increased employment opportunities and improved career prospects, securing the nation’s supply chains and maximising the strategic advantages of our ports.

Let’s take a look at why this money is needed across Greater Lincolnshire, and what the money could be spent on.

  • A longer term funding package for things like transport, infrastructure and skills will help create the environment that our businesses need to grow.
  • If approved, the Investment Fund will support work to decarbonise our industrial areas and deliver more jobs in “green” industries, like carbon capture and storage and energy distribution.
  • If approved, the Investment Fund will help support adult education and invest in courses that deliver the skills that our local businesses need to innovate and expand.
  • If approved, the Investment Fund will support transport improvements to help link areas of the county for trade and social movement.
  • If approved, the Investment Fund, along with support from other agencies, will help back the building of high quality, sustainable and affordable housing across Greater Lincolnshire.

For more details, and to have your say, visit our website.

Pictured, from left to right, are: Cllr Martin Hill, Leader of Lincolnshire County Council, Cllr Philip Jackson, Leader of North East Lincolnshire Council, and Cllr Rob Waltham, Leader of North Lincolnshire Council, pictured holding deal proposals in Scunthorpe.