Millions earmarked for jobs and regeneration under new investment plan

Nation.Cymru staff

Millions of pounds in new economic funding could be used to back businesses, improve transport links and create new opportunities under plans unveiled by a south Wales council.

Caerphilly County Borough Council has published its draft Local Investment Plan, setting out how it intends to use funding from the Welsh Government’s new Local Growth Fund over the coming years.

The Local Growth Fund replaces the former UK Shared Prosperity Fund and will distribute £547 million across Wales over the next three financial years to support economic growth, employment, infrastructure and business development.

Caerphilly has been allocated indicative funding of £8.84 million for 2026/27.

Council leaders say the plan is designed to help tackle long-standing economic challenges while building on local strengths including business growth, community resilience and the area’s natural and heritage assets.

The draft strategy focuses on three priorities: supporting productive and competitive businesses, improving skills and employment opportunities, and investing in regional infrastructure.

The council said the plan had been developed following engagement with local stakeholders and reflected both the opportunities and challenges facing communities across the county borough.

Among the proposed measures are capital grants for small and medium-sized businesses, support for start-ups in high-growth sectors, investment in green technologies and help for firms adapting to decarbonisation targets.

The plan also proposes unlocking land for development and creating new business units to address shortages of suitable commercial space.

Skills and employment investment would focus on helping residents gain qualifications, retrain and access work opportunities.

The local authority said articular attention would be given to supporting young people at risk of becoming not in education, employment or training (NEET), reducing economic inactivity and helping workers move into lower-carbon industries.

Infrastructure ambitions included in the plan include town centre regeneration, improved active travel routes, enhanced digital connectivity and energy efficiency programmes aimed at reducing fuel poverty.

The council said targeted investment would be used to address inequalities that persist across the county borough, particularly between communities in the south and those in the Heads of the Valleys area.

‘Clear vision’

Council leader Jamie Pritchard said the funding offered an opportunity to strengthen communities and improve prospects for residents.

“This Local Investment Plan sets out a clear vision for how we can use this funding to create stronger communities, support local businesses and improve opportunities for residents across the county borough.

“While we continue to face significant economic challenges, particularly in some of our most deprived communities, this plan is about investing in our future – creating better jobs, improving infrastructure and ensuring people have the skills and support they need to thrive.

“We want to build on Caerphilly’s many strengths, from our resilient communities and thriving small businesses to our natural environment and heritage assets, while ensuring that no part of the county borough is left behind.”

The draft Local Investment Plan is available to view through the council’s website.