l Co-design and co-commission the new work and health programme.
l Assess economic conditions of the Combined Authority area.
l Support the West of England Growth Hub.
l Support Invest in Bristol and Bath.
The West of England Single Pot breaks down into two
Investment Fund (gainshare): This fund, which is 50 per cent
capital and 50 per cent revenue, amounts to £30m per year for
30 years (subject to 5 yearly government gateway reviews);
Transforming Cities Fund (TCF): The West of England
Combined Authority has also secured £103m TCF, (which
has to be spent by March 2023), to deliver strategic transport
enhancements in the region.
Some of the key elements of the devolution deal:
In addition to the £1 billion over 30 years agreed in the devolution deal,
the West of England has also obtained around £100 million in extra
funding for the region, including:
l £14.9m per annum to develop and enhance skills of adults over
19 years old;
l £5m to trial superfast 5G networks;
l £4m for the Future Bright skills programme;
l £3m to progress housing development and attract additional funding;
l £6.3m to improve roads;
l £8.5m for a Skills Innovation Fund targeting SMEs;
l £2.8m for a new Energy Hub and Low Carbon Fund;
l £1.35m to support the region’s creative sector;
l £2m to run the Combined Authority and deliver our ambitious plans;
l £46.4m from the West of England’s business rates retention pilot⁸³.
⁸³ The region has retained an extra £46.4m of revenue through the 100 per cent Business Rate
Retention pilot which has operated since the 2017/18 financial year