Issue - meetings

Economic Wellbeing and Regional Economic Development - Sub Committee Programme Update

Meeting: 19/03/2025 - South West Wales Corporate Joint Committee (Item 7)

7 Economic Wellbeing and Regional Economic Development - Sub Committee Programme Update pdf icon PDF 511 KB

Minutes:

Officers delivered an update on the delivery of the Shared Prosperity Fund (SPF) which formed part of the work of the Economic Well Being and Regional Economic Development Sub-Committee.

The circulated report outlined the responsibilities of Local Governments in developing regional investment plans for SPF and sets out the basis of the programme being anchor projects, grant schemes and standalone projects.

Reference was made to the fact that a ‘transitional year’ had been agreed for 2025/26, whilst discussions on post March 2026 funding were taking place between UK and Welsh Governments; work will need to be completed by December 2025 for the transitional year.

It was highlighted that significant progress had been made in terms of regional performance outputs including job creation, safeguarding jobs and grants awarded to organisations and enterprises.

In terms of the South West Wales Corporate Joint Committee (SWWCJC) priorities for 2025/26, the Economic Well-being and Development workstream had been allocated circa 50k in order to assist in achieving the Wellbeing Objective.

A discussion took place in regard to the importance of SPF and the need to be clear in terms of what the SWWCJC expect in terms of funding; it will be fundamental in order to determine what the region would be able to achieve over the next few years. Members expressed the need to engage with UK and Welsh Government and discuss the impacts on the various organisations involved in this work.

It was agreed that a letter would be produced, on behalf of the South West Wales region, incorporating all points made during the discissions at this meeting; this would need to be carried out ahead of the comprehensive spending review in order to capture the need to support this work and for equal representation at all tiers of government on the decisions made around SPF.

RESOLVED:

That the report be noted.