Coastal Communities fund is money well spent

New analysis shows that the Coastal Communities fund can save the Great British coast £8 for every £1 invested.

New analysis shows the Great British Coast could see up to an £8 boost for every £1 invested, Communities Minister Mark Francois revealed today.

The Coastal Communities Fund has invested £120M since 2012, with the potential to generate an annual £320M boost to the coastal economy over the next few years.

The government’s investment over a wide range of areas, whether through arts and heritage projects or new business hubs and tourist attractions, is bringing a financial boost to the coast communities. The funding is expected to create or safeguard up to 18,000 jobs in seaside resorts.

Communities Minister Mark Francois said: “We’re determined to unleash the enormous potential of our Great British coast, which is why we’ve invested £120 million in the last 3 years alone.

“We’ve already helped more than 200 projects get up and running across our much-loved seaside towns, bringing not just a wave of excitement but also protecting or creating up to 18,000 jobs.”

An example of successful projects include £1.9M which was awarded to Blackpool city council to radically transform its iconic illuminations, and potential to create 500 new jobs in the local area.

Cornwall Tate St Ives was awarded £4M to renovate and expand its gallery, to make it accessible all year round. This is forecast to bring an additional £87M benefit to the community over 10 years.

Across 150 resorts, the tourism industry alone accounts for the employment of 250,000 people, contributing £4Bn to the UK economy.

As a result of the Coastal Communities Fund, more than 200 seaside projects – which support thousands of small businesses, apprentices and entrepreneurs – have been launched, enhanced and improved.

The government has also supported over 100 new local coastal teams, who decide where the investment would best be spent in order to revive seaside towns. Local people within the teams were given £10,000 to kick-start work and given expert guidance.

In December, through the Coastal Revival fund, 77 projects ranging from theatres to piers and lidos to lighthouses, received an additional share of £3M to help restore and improve them.

An additional £1M will be available in 2016-2017 for projects that missed out on being selected.

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