Coalfields Regeneration Trust Receives £13.5 Million in Growth Mission Fund Investment
The Coalfields Regeneration Trust (CRT) will deliver a £27 million investment into coalfield communities around Britain.
The CRT is investing £13.5 million to build industrial developments for SMEs creating jobs and economic growth in coalfield communities across Britain. The UK Government is match funding this investment through £13.5 million through the Growth Mission Fund which is managed by HM Treasury and the Department of Business and Trade.
The taxable profits from the rental income will be used to benefit coalfield communities. Across the UK, the CRT supports 1,200 grassroots community organisations and works to deliver activities linked to our missions of Community, Health, Skills, Jobs and Climate. On completion of the developments, the additional income will enable an expansion of the funding available to support coalfield communities to tackle the legacy of the pit closure programmes of the 1980s and 1990s.
A CRT-commissioned study by Sheffield Hallam University State of the Coalfields 2024 found that coalfield communities only have 57 jobs per 100 residents of working age compared to a GB average of 75 jobs per 100 residents of working age, demonstrating the need for this investment to create locally based jobs in coalfield communities.
Andy Lock, Chief Executive of the Coalfields Regeneration Trust, said:
“This is fantastic news for coalfield communities, and this investment will deliver benefits for many years to come.
“Our industrial developments will create hundreds of jobs and economic growth for the coalfields, while the income generated will support more grassroots community organisations and vulnerable people in the coalfields.
“This funding will change thousands of lives in coalfield communities, taking us another step forward to address the challenging legacy of the pit closures.”
Chancellor of the Exchequer, Rachel Reeves said:
“These areas have been overlooked for decades, haemorrhaging talent with ingrained decline. Our investment in new industrial developments is one way we’re making it a stronger business destination where jobs and opportunity are created, not wasted.
“If you are an entrepreneur in a former coalfield area wanting to start your own business - or are already a business owner there wanting to expand your company - we are backing you.”
Secretary of State for Scotland Douglas Alexander said:
“We are immensely proud of Scotland’s coalmining heritage. The UK Government’s partnership with the Coalfields Regeneration Trust develops new businesses, creates jobs, and generates revenue to support local communities, ensuring these communities are not just part of Scotland’s past, but will play a leading role in its future. The UK Government is backing them to achieve that.”
Secretary of State for Wales Jo Stevens said:
“As a result of this investment, people and businesses in former South Wales coalfield communities will receive greater access to the jobs and opportunities they deserve.
“For too long, these communities have been left behind - with many people having been forced to leave their local areas to seek employment elsewhere.
“The UK Government is acting to stop this cycle, by delivering jobs, prosperity, and growth right across Wales. We are backing our coalfield communities with the support they need, helping local businesses thrive, and ensuring our coalfield communities reap the benefit of a strengthened and fairer UK economy.”
The Coalfields Regeneration Trust will provide further updates on our upcoming developments as they progress.
Back to Latest Updates