Neighbourhoods Fund

Date: 
Mon, 15/10/2007 - Sat, 01/12/2007

A new ‘working neighbourhoods fund’ has been announced by ministers as part of £2bn drive to tackle economic underperformance in the country’s most deprived areas. The announcement, in this week’s comprehensive spending review (CSR), adds further impetus to the government’s drive to refocus regeneration efforts on ‘weak economies, high levels of worklessness, low skills levels and insufficient enterprise.Details of how much will go into the working neighbourhoods fund will be announced  later this year, the Treasury said.It added: This new fund will focus more intensively on the worst deprived areas, with a stronger emphasis on tackling worklessness, promoting enterprise and improving skills, and a new reward element to strengthen incentives to improve performance. The fund will be backed by new incentives for local economic growth to replace the local authority business growth initiative, launched in 2005 to encourage councils to develop businesses in their area. The new scheme will be phased in from 2009-10 with £50m in its first year and £100m in its second year and is intended to be simpler than its predecessor with more predictable links between business growth and local incentives. A more detailed consultation will be published in the New Year. For further information please visit: www.hm-treasury.gov.uk