Issue - meetings

The UK Shared Prosperity Fund Manager presented a report on Economic Development and Regeneration Service Delivery.

The Executive Committee was informed that business support and employment initiatives had previously been funded through the UK Shared Prosperity Fund (UKSPF). However, the Council had received its final allocation for 2025/26 and no replacement funding had been forthcoming, resulting in a lack of external funding for economic development activities.

It was reported that the Council held an earmarked reserve for Economic Growth, with a balance of £841,000 as at 31st March 2026. Of this, £300,000 had already been allocated within the budget to continue delivery of the Innovation Lighthouse business support programme, leaving a balance of £541,000 available which could be used to support the continuation of business support and Youth Hub activity in Redditch.

Given the absence of replacement UKSPF funding, officers had been engaging with Worcestershire County Council and the Worcestershire Local Enterprise Partnership (WLEP) to explore options for the continued delivery of services.

Members were advised that officers were of the view that the proposed use of earmarked reserves to fund economic development and regeneration activity through Worcestershire Growth Hub and the Redditch Youth Hub represented good value for money. It was also noted that discussions with WLEP in relation to the Betaden programme were ongoing and subject to negotiation.

Following presentation of the report, Members had detailed discussion on a number of points:

·       It was queried how many businesses had accessed the Betaden programme. Officers advised that six businesses had used the service over the previous three years, with five of those businesses registering for the Incubate programme.

·       Members questioned whether there were projections for the number of young people who would be supported by the Youth Hub. Officers reported that 493 young people had been supported since its launch in April 2024 and that numbers were expected to increase, particularly as an outreach programme was to be funded. It was noted that youth unemployment was rising, and additional resources were therefore being recommended. Discussion also took place regarding targeting support, with clarification that this related to the level of intervention required to support individuals into employment. Officers would ensure that the intended level of support would be clearly defined within funding agreements and reported back to Members.

·       Members welcomed that the funding would be utilised within the Borough to support local residents.

RESOLVED that

1) Earmarked reserves be released to fund economic development and regeneration activities as follows:

a. Worcestershire Growth Hub - £140,000

b. Redditch Youth Hub - £120,000

2) Up to £70,000 of earmarked reserves be released to fund the Betaden programme with authority to agree the final contribution and associated outputs delegated to the Assistant Director for Regeneration and Property Services following consultation with the Leader of the Council.