A £36m government coastal fund is going to be used to boost growth in coastal areas in the East of England. The money comes from the ‘Coastal Communities Fund’, which has been set-up to encourage the economic development of UK coastal communities by awarding funding to create sustainable economic growth and jobs. It is claimed the money will support projects that will create nearly 3,000 jobs and almost 1,500 apprenticeships.
Who’s benefiting?
Suffolk Coastal District Council – This district council has received £490,000 to build a more robust tourism economy along the Suffolk coast. The funding will be used to help expand visitor facilities and key assets in the area. The money will also be used to attract people in the off-seasons via delivering events and expanding the amount of activities available.
The project will include:
- Improving a section of the Suffolk coast path
- Developing food tourism
- Installing a sculptural viewing platform at Snape Maltings
- Establishing a children’s film festival
North Norfolk Railway – North Norfolk Railways has received £497,000 to improve facilities in order to cope with the rising number of visitors. It has been outlined that Sheringham station will be the main beneficiary of the fund, as much of the money will go to developing facilities at the station (something the station is currently severely lacking).
Maldon District Council – This district council has received £292,000 to support the growing tourism along the Dengie Peninsula and Maldon District coastline (near Chelmsford). The funding will be used for developing a coastal trail, putting on events and improving facilities — including links to RSPB’s Wallasey Island Wild Coast Project.
Great Yarmouth Borough Council – Last, but certainly not least, and I mean that quite literally as Great Yarmouth Borough Council will receive the most of all the beneficiaries by receiving £650,000. The funding will be used very differently to its other counterparts; the money will go towards providing business advice, training and job networking opportunities. It is estimated that up to 260 jobs could be created and safeguarded, according to the government.
As an accountancy firm, our primary focus is on businesses, and the success of businesses. We want business in our region to grow and be profitable. So we need to ask the question:
How much will this benefit businesses in these areas?
While the money isn’t going straight into the pockets of business owners, it is likely there will be a positive knock-on effect for many local businesses. By improving facilities that will bring more tourism into these 4 coastal areas, many businesses will reap the benefits; particularly those that specifically cater to tourists (Restaurant’s, Cafés, Pubs, Hotels etc.).
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