The council plans to utilise the majority of this sum, which is primarily capital funding, for strategic economic development activities. An additional £1.4 million is anticipated by October 2029. The decision was made on Wednesday 7 October, aligning with the Somerset Economic Prosperity Strategy 2025-2045 and the original governmental intentions for these funds.
Councillor Mike Rigby, Lead Member for Planning, Economic Development and Assets, highlighted the critical nature of this funding. "Our share of this legacy money represents a critical resource that will allow us to take forward strategic economic development activity that would not otherwise be possible," he stated.
The council aims to maximise the impact of this funding, incorporating advice from the Somerset Economic Growth Board. The focus will be on identifying strategic projects that leverage Somerset’s unique economic strengths and opportunities for transformation, fostering an environment that supports business start-up, scale-up, innovation, and investment.
Somerset is building on existing economic foundations, notably hosting two significant investment projects: Hinkley Point C and the Agratas electric vehicle battery gigafactory at the Gravity Enterprise Zone. The region also possesses considerable potential for growth by supporting its over 25,000 businesses.
