PROJECTS to support young people not in education or training, boosting food and tourism and providing space for business will be supported with a £1.7 million cash investment, to be spent during the 2026/27 financial year.

The money has been awarded from the UK Government’s Local Growth Fund which replaces the previous Conservative government’s Shared Prosperity Fund.

Monmouthshire County Council has identified eight schemes it intends to continue funding with its £1.7m funding across business support and training, and 70 per cent of the award has to be spent on capital projects and 30 per cent on revenue which is the day-to-day costs of running a scheme

The largest amount, £625,335, will be spent on developing key sites for economic growth, including high streets, while £420,000 will be used for a skills centre.

Councillor Paul Griffiths, the council’s Labour cabinet member responsible for the economy, said a skills centre will mean people want have to leave the county to study for qualifications such as an apprenticeship.

Support for tourism, and heritage and cultural attractions, will receive £115,000 in capital funding and £56,141 in revenue while £146,626 in total will be spent on supporting food businesses to expand.

Other projects include support for people who are “economically inactive” including 16 to 18-year-olds who are not in education or training and disabled people, women and those from ethnic minority backgrounds. Funds are also available to support research for farm businesses and supporting businesses including social enterprises.

The funding scheme were put in place to replace cash previously awarded for regeneration and economic development from the European Union following Britain’s withdrawal from the economic and political union.

The coming financial year is being treated as a “transitional year” as the Local Growth Fund is established with the cash again distributed in Wales through the Welsh Government.

In a report for the cabinet the council’s director for education and the economy Will McLean echoed concerns raised by officers in Torfaen funding is heavily weighted towards capital spending, which are one off costs, and toward regional priorities.

Mr McLean wrote: “Longer term ambitions to deliver growth funds through regional Combined Joint Committees (from 2027/28) threaten local capacity and scope for local decision-making.”

It was also noted the funding, worth £547m to all of Wales, over the next three years is a “significant reduction from previous funding streams.”

Deputy leader Cllr Griffiths told the cabinet he welcomed the decision which has put the Welsh Government back in control of distributing economic development funding as it had been when money was received from EU.

Cllr Griffiths, a former advisor to the Welsh Government, had been critical of the previous Conservative UK Government taking responsibility for running the schemes and said: “The Shared Prosperity Fund was controlled in Whitehall. Control now for the Local Growth Fund will be managed in Wales, by Wales, for Wales by the Welsh Government and I welcome this return to devolution.”