Watford Borough Council is excited to announce the details of Phase 2 proposals for its investment plan to utilise funding from the UK Shared Prosperity Fund (UKSPF) over the next two years...
The UKSPF, which is part of central government's Levelling-Up agenda, aims to strengthen communities and places, support local businesses, and enhance skills across the UK. It replaces EU funding that previously delivered business and skills support services across Hertfordshire.
Watford Borough Council has been granted £1 million until 2025 through the UKSPF and is keen to ensure the local economy continues to benefit from targeted support and to help our residents access good employment opportunities.
Phase 2 proposals outline a diverse range of initiatives that are designed to bolster the local economy, help businesses thrive and address skills gaps, which all helps deliver against the council’s Economic Growth Strategy 2021-25 priorities. The funding allocation will be dedicated to the following areas:
- Around a third will help fund Hertfordshire-wide economy, business support, and skills projects, along with funds from other Herts districts, as endorsed by the Herts Growth Board in Spring 2022. This secures vital services previously backed by EU funding and is overseen by Hertfordshire LEP.
- Around two-thirds are allocated to new local Watford economy, business support and skills projects.
The local initiatives set out in Phase 2 proposals reflect a commitment to sustaining Watford’s thriving economy and skills enhancement for residents and they include:
- Business decarbonisation: Continuing the Watford Net Zero project for sustainable business practices.
- Boosting local supply chains: Continuing Watford Fit to Bid to aid small businesses in securing new local contracts.
- Community Wealth Building: creating a Resource Bank to support the success of the proposed Watford Business Charter
- Gaming training hub: exploring potential to create a hub for tech, gaming, and animation training for young people.
- Scale-up support: Supporting start-ups and micro-businesses to foster growth.
Gaming training hub
- Upskilling in the workplace: Offering training to bridge skills gaps in various sectors.
- Work-ready skills: Preparing individuals for reemployment through training and support.
- CCTV projects for crime reduction: funding to support improved CCTV coverage in key public locations.
- Decarbonisation supply chain: helping our businesses access supply chain opportunities related to Hertfordshire’s programme to decarbonise social housing stock.
- Developer skills assessment: Evaluating skills gaps in construction and development for positive local employment impacts.
Elected Mayor of Watford, Peter Taylor, said: "As we move into Phase 2 of our Investment Plan, we're showing our commitment to making the local economy in Watford even better, so that businesses can do well and people can succeed.
"These projects, which are funded by the UK Shared Prosperity Fund, highlight our determination to keep our economy strong, help businesses find new opportunities, and close the gaps in skills. We are working to create a better future for everyone in Watford."
During Phase 1, initiatives such as Watford Net Zero, the Fit to Bid project, the Community Wealth Building resource bank, initial Scale-up support, and the commencement of Herts-wide projects in collaboration with the LEP were launched. In Phase 2, these established Phase 1 foundations serve as the basis for an even more robust and all-encompassing support program.
The allocated funds are being utilised to bolster the economy rather than being directed towards funding applications. For more information and to read Watford’s full economy Investment Plan, please visit www.watford.gov.uk/decisions-made/council-meetings and report the Cabinet report on 4 September.
