Coastal communities across the UK will receive a multi-million pound boost each year from a new Coastal Communities Fund (CCF), the chancellor and chief secretary to the Treasury announced today.
This new fund will be financed by the government through the allocation of funding equivalent to 50% of the revenues from the Crown Estate’s marine activities.
This new fund is designed to support the economic development of coastal communities and will support a wide range of projects, including those that support charities, the environment, education and health.
Examples could include support for developing renewable energy, improving skills or environmental safeguarding or improvement.
The fund will be available on a bid basis. The government said it welcomes “innovative” bids from charities, businesses, social enterprises and local organisations.
Economic secretary Justine Greening said: “Every coastal community in the UK will have the chance to bid for a share to help them with projects that will have a real and lasting impact on the local economy.”
Chancellor of the exchequer George Osborne said: “This new funding shows that the Government is committed to supporting coastal communities and ensuring that they benefit from the revenue that our coasts and the Crown Estate produce.”
The fund will be linked to the revenues that are raised by the Crown Estate’s marine activities each year. For example, in April 2012 there will be £23.7M available in the CCF, based on a 50% share of the £47.4M revenue raised by the Crown Estate’s marine activities in 2010-11.
For each country of the UK, the funds available will be directly linked to the revenues raised by the Crown Estate’s marine activities from that area, with separate funding for England, Wales, Northern Ireland, the Highlands and Islands and the rest of Scotland.
The CCF will open for business in April 2012.