The Mayor of York and North Yorkshire David Skaith has announced plans for four new funds worth up to £27.5 million over four years.

A Vibrant and Sustainable High Streets Fund, Carbon Negative Challenge Fund, Business Innovation Fund and Skills Innovation Fund all aim to enable growth across the region and test new ideas.

Outline plans for the funds were approved in principle by a meeting of the North Yorkshire Combined Authority on Monday.

Ahead of an expected launch later this year, the funds are being shaped by input from businesses, organisations and individuals around the region. This includes sector-specific engagement days led by the Mayor.

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The funds also take direction from the Combined Authority’s new Economic Framework, which positions the strategic aims for the organisation moving forward, which was also approved by Combined Authority members on Monday.

Mayor Skaith said: “The new funds will tackle the key challenges and opportunities we’re being told about by our communities and partners.

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“High street businesses need support to thrive, and I know we can build on great work that has happened already in York and North Yorkshire with the carbon negative agenda. Businesses tell us they need skills to support their work, and that opportunities can also be unlocked by feeding innovation and driving productivity.”

The Vibrant and Sustainable High Streets Funds has £10million approved in principle for 2024-28 to rejuvenate high streets, helping retailers expand their offer and have more events and activities to attract residents and visitors to high streets.

A Carbon Negative Challenge Fund has £10million approved in principle for 2024-28 to support and develop projects to make York and North Yorkshire become England’s first carbon negative region. Projects will be innovative in nature, trailling new approaches or technology.

A Business Innovation Fund has £5million of funding for 2024-26. It aims to achieve greater progress, and at a faster rate, in delivering economic opportunity across York and North Yorkshire by providing the right conditions to attract new investment and support our businesses to be more innovative, productive and resilient.

A Skills Innovation Fund is set to get £2.5million for 2024-26 to boost the range of courses available which also meet the needs of the region’s businesses.

Mayor Skaith was pleased the economic framework for the region has been agreed and the funds supported in principal.

He added: “We can now continue working in partnership across the region to develop these further ahead of launching them and making a real impact for communities and our economy in York and North Yorkshire.”

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Cllr Claire Douglas, Leader for City of York Council said: “The creation of these four funds through the Mayoral Investment Fund presents businesses and skills providers with a host of opportunities to adapt to the future of our region’s economy, whether that be on the high street, in carbon reduction, by developing skills or through everyday business innovation.”

North Yorkshire Council’s leader, Cllr Carl Les, said: “The benefits of bringing more decision-making powers and funding to the region are now being realised through the long-awaited devolution deal for York and North Yorkshire.”

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 “These four new funds relate to a wide range of issues which will all bring a host of improvements for residents and businesses alike in both York and North Yorkshire.

 The Mayoral Investment Fund comes from the region’s historic devolution deal, worth £540 million over 30 years.