- New deal announced today for North Wales with £92 million committed to support crucial improvements to coastal flood defence barriers protecting business and homes
- 8,600 jobs fuelled across the UK by the Chancellor’s National Wealth Fund since July, with almost £1.6 billion of private investment unlocked, delivering on the Plan for Change.
- Jobs and investment spread across UK’s growth sectors from clean energy to digital infrastructure, driving government’s number one mission to grow the economy
CRUCIAL improvements to coastal flood defence barriers in North Wales are being supported thanks to a new investment from the National Wealth Fund announced today (15 January).
The £92 million loan will support Denbighshire County Council’s restoration and enhancement of sea defences in neighbouring Rhyl and Prestatyn. The vital improvements will protect hundreds of businesses and homes from flooding for decades to come, supporting growth in the construction industry.
The deal follows significant flooding in Rhyl and Prestatyn in recent years with the risk of further flooding likely to be exacerbated in the future as sea levels rise and extreme weather becomes more common due to climate change.
Today’s news comes as 8,600 jobs have been fuelled by the Chancellor’s National Wealth Fund (NWF) in the last six months, with almost £1.6 billion of investment unlocked, driving growth across all corners of the UK.
The jobs that have been created will support the digital and clean energy sectors, including 6,500 expected to be created in the retrofit sector across the UK, with the NWF providing a financial guarantee that will see Lloyds and Barclays deliver £1 billion of funding to deliver improvements such as low carbon heating and insulation in social housing.
New figures reveal almost £1.6 billion of private investment has been leveraged into projects across the UK’s clean energy and growth sectors over the past six months.
This includes supporting faster broadband connections for thousands of households and businesses in Cornwall, Yorkshire, Lincolnshire and Cumbria, fuelling economic growth, alongside millions of pounds to support the expansion of a successful rooftop solar scheme in West Suffolk which means more businesses can benefit from low cost, low carbon electricity, boosting the growth of the clean energy sector.
The Chancellor began work just days into office to establish a new NWF that would invest in the new industries of the future to create good jobs and opportunity across every part of the country. With £27.8 billion of firepower, the NWF will help drive the government’s Plan for Change and turbocharge growth across the country to raise living standards in every part of the United Kingdom.
Chief Secretary to the Treasury Darren Jones said:
“Growth is our national mission, and the cornerstone of our Plan for Change that will improve living standards and put more money in people’s pockets.
“And the National Wealth Fund is playing a vital part in delivering economic growth, securing over a billion of private investment since July in industries that turbocharge growth in our economy and create good quality jobs across the UK”.
Welsh Secretary Jo Stevens said:-
“This £92 million investment in Wales will build vital flood defences to protect people’s homes and businesses, and create jobs in the construction industry.
“The UK Government’s National Wealth Fund is driving our mission of economic growth here in Wales and across the UK and is already having an impact.”
The Chancellor announced in October how the NWF would drive long-term investment in Britain, working hand in hand with business to create new high skilled jobs right across the UK, helping make people better off.
To mobilise investment at pace, the NWF will expand on the UK Infrastructure Bank’s offer including additional financial instruments so it is more catalytic and will take on more risk to have a greater impact:
- The NWF has more capital with £27.8 billion – inheriting UKIB’s £22 billion and having an additional £5.8 billion.
- It has a renewed focus to support the delivery of the wider industrial strategy, and the Government’s clean energy and growth missions. At least £5.8bn of the NWF’s capital will focus on the five sectors announced in the manifesto: green hydrogen, carbon capture, ports, gigafactories and green steel.
- The NWF will have increased resources and focus on conducting more outreach to identify expanded project pipelines and structure innovative transactions.
- It will have a strong regional mandate to unleash the full potential of our cities and regions.
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