Leading Conservatives have welcomed news that the Blatchcombe, Shiphay with the Willows and Tormohun areas of Torbay have been proposed for inclusion as Assisted Areas in the Government’s draft Assisted Areas map for 2014-20, released today and out for consultation.
Assisted Area status permits the granting of additional financial support to small businesses and large enterprise in economically disadvantaged locations. This support is to encourage business in these communities to grow, innovate and thrive, which can positively affect these locations and the whole UK economy.
The status recognises the potential for growth, so whilst it is allocated to areas that are in some way “disadvantaged” – they are only designated as assisted areas if the EU perceives that there is significant potential for business growth and that there are robust partnerships in place to address the challenges and drive economic regeneration.
The UK is allowed by the EU to allocate a limited number of Assisted Areas, and following lobbying by the Torbay Development Agency (TDA) and Heart of the South West LEP (HOTSW LEP) , areas of Torbay are proposed for inclusion in the map for the first time in over a decade, meaning businesses in Blatchcombe, Shiphay with the Willows and Tormohun would benefit from Assisted Area status. This reflects the opportunities for development and business growth available in those wards.
Torbay Council, the TDA and HOSW LEP have been working together to lobby the UK and EU government to recognise Torbay as an assisted area status, which would help these partnerships deliver the regeneration initiatives that are planned to improve the local economy and attract and retain jobs and investment.
The Assisted Areas map is the UK Government’s response to the European Union Regional Aid Guidelines (RAG) and will be in place for the duration of the 2014-20 EU programme.
Conservative Parliamentary Spokesman for Torbay, Kevin Foster said: "This is excellent news, not just for Blatchcombe, Shiphay with the Willows and Tormohun, but the bay as a whole. Recent falls in unemployment have been welcome and real progress is being made, but Torbay still has the highest percentage rate in the South West Region. This additional assistance, combined with the recent measures announced in the Autumn Statement to help businesses create jobs, will make a real difference to many in the bay and help reduce unemployment further."
Mayor of Torbay, Gordon Oliver said: “Assisted Area status is brilliant news for Torbay as it will act as a further catalyst to regeneration of our local economy and support the growth of our local industries. It builds upon the partnership I established earlier in the year to develop links in the US and attract inward investment. It is the latest piece to be put in place that creates a real landscape for success in Torbay, complementing the Torbay Growth Fund, our inward investment and business growth strategies and the immense commitment and passion from the local business and resident community.
“It’s good news that the government is acknowledging the economic challenges we face; and is incentivising the valuable work we are already doing by allocating Torbay this status. The Council, the TDA and the LEP have been extremely effective in securing Assisted Area status for parts of the Bay, so I look forward to continuing working in partnership towards economic prosperity with the increased leverage that this announcement brings.”
The draft map is available at: https://www.gov.uk/government/consultations/assisted-areas-map-2014-to-2020-stage-2
Find out more about the Autumn Statement and how it affects the bay at: www.yourautumnstatement.com