PARLIAMENTARY WRITTEN QUESTION
(21 November 2024)

This Government recognises the importance that Gloucester plays as part of the UK’s economy, alongside the significant contribution that the South West makes on the national and international stage. HMT is committed to supporting the national agenda for growth, working with regional stakeholders to deliver investment and programmes which will drive forwards solutions that positively impact businesses and residents across the South West.

Through the recent Budget announcement, HMT reaffirmed its commitment to Levelling Up Round 3, with £11,000,000 dedicated to the Greyfriars regeneration project in the City Centre. In addition to this, in October 2024 Gloucester City Council was awarded £688,484 under the Brownfield Land Release Fund 2 (BLRF2) to use the money to turn surplus land into new homes. Gloucester City Council has also benefited from £1,486,352 Shared Prosperity Fund, with local autonomy to direct funding to projects which best support economic growth in the area. Allocations to areas for the period 25/26 are expected to be released in December 2024.

The Government is currently undertaking a consultation with stakeholders to help shape the national Industrial Strategy and in parallel with this, officers from Cities and Local Growth Unit will be engaging with partners and businesses across the South West to understand how HMG investment can be best shaped to support economic growth in the region. The upcoming Spending Review in 2025 will further develop potential future funding streams for Gloucester and the wider South West.