North East received least backing from Levelling Up Fund
The North East region has received the least support from the government’s Levelling Up Fund, according to a new report.
Newcastle-based property developer Stripe has analysed the 216 bids that were successfully awarded funding through the £4.8bn Levelling Up Fund announced by the government in November 2020.
The fund was created with the purpose of financially supporting the local economies outside of London, which consistently receives the largest level of investment in the country.
Funding has, to some extent, gone to every region in the UK, however, according to Stripe Property Group, the North East was the least represented area for successful Levelling Up bids.
The report noted there were 11 successful bids in the North East that accounted for just 5% of the total grants awarded. The neighbouring North West region, meanwhile, saw the greatest amount of investment from the programme, with 27 successful bids.
“When breaking down just where the benefit of The Levelling Up Fund has been concentrated so far, it’s clear that the government has taken a fairly lopsided approach when it comes to boosting the economy of the North,” said Stripe Property managing director James Forrester.
The North East has often been overlooked for its modern economic contributions, however, a burgeoning tech industry is working towards boosting the reputation of the area.
“We’re used to being shown the cold shoulder by the powers that be in the North East, so these figures won’t come as a surprise, and it’s fair to say that the region is currently going from strength to strength regardless of the fact that so little has been awarded via the Levelling Up Fund.”
Cities like Newcastle, Durham, and Sunderland have become the home to a handful of UK tech successes, including Atom Bank, Sage Group, and SoPost.
Read more: Introducing Tech on the Tyne – a UKTN regional report