Last week, the Chancellor delivered his Autumn Budget and Spending Review for 2021
St Ives BID welcomed the news for further support and the announced Business Rates reduction for Retail, Hospitality and Leisure businesses as we continue on the road to recovery. These are the same sectors prioritised during Lockdown last year for Business Rate Grants.
But is there more that can be done? Please let BID know how this new raft of measures can support you and what other support is required.
Also within the budget, the government announced an increase in living and minimum ways from April 2022. Click here for more information
Along with this further support for businesses, there were also suggestions from the government that it will match the EU’s previous programme investment as it had promised before the election
Page 88 of the Autumn Budget and Spending Review is a section titled Levelling-Up Across the UK, section 3.31 states:
‘Through UK-wide funds like the UK Shared Prosperity Fund (UKSPF) and the Levelling up Fund (LUF), the government is investing in local priorities across the UK targeted at places in need. As part of this, the Budget and SR reaffirms that total funding through the UKSPF will at a minimum match the size of EU Funds in each nation and in Cornwall, each year’.
St Ives has so far been awarded £19.9m in Town Deal Fund all part of the government levelling up agenda. Project leads are currently working on developing business cases to submit to the government by spring 2022.
One project is the Delegated Grant for Recovery for businesses worth £1.8m and will primarily be for capital projects. Another project within the Town Deal Investments Plan is pedestrianisation of Town Centre and local residents and businesses will be consulted on this in due course. St Ives Town Investment Plan can be found here.