URL: https://northumberland.moderngov.co.uk/ieDecisionDetails.aspx?ID=425

Decision Maker: Cabinet

Outcome:

Is Key Decision?: Yes

Is Callable In?: Yes

Purpose: Report to set out revised Northumberland Economic Strategy and Investment Framework for the Growth and Investment Endowment Fund.

Content: RESOLVED that:-   (a)      Cabinet endorse the Northumberland Economic Strategy 2035 recognising the Strategy as the overarching framework for driving economic growth in Northumberland over the next decade;   (b)      Cabinet note the findings from the independent assessment undertaken to provide Cabinet with a clear, evidence-based framework to inform decisions on how the Northumberland Growth Fund resources should be deployed over time;   (c)      Cabinet note that a separate report will be presented to Cabinet on Reducing Inequalities in Health in Northumberland through Work, a report commissioned from the Institute of Health Equity;   (d)      Cabinet approve the approach set out in this report for the Northumberland Growth Fund, including the proposed investment programmes and funds, governance arrangements, prioritisation framework and monitoring and evaluation approach, as the basis for mobilising investment in support of the Economic Strategy;   (e )     Cabinet approve the following capital funding allocation from the Northumberland Growth Fund: a)       £8.25m to establish a Northumberland Economic Infrastructure Programme as a phased early investment programme to be administered by Northumberland County Council in order to maintain momentum and secure early economic benefits. b)       £20m to establish a Business Northumberland Investment Fund as an externally managed recyclable fund. £10m to be allocated from the funds already received and £10m from future instalments;   (f)       authority be delegated to the Executive Director of Place and Regeneration, in consultation with the Northumberland County Council Programme Board, the Deputy Leader and the Leader to administer the Northumberland Economic Infrastructure Programme and make relevant funding decisions in relation to the £8.25m initial programme;   (g)      authority be delegated to the Executive Director of Place and Regeneration, in consultation with the Executive Director of Transformation and Resources, to progress the necessary steps to establish the Northumberland Business Growth Fund;   (h)      Cabinet approve the procurement approach for appointing an external Fund Manager for the Business Northumberland Investment Fund and agree that on conclusion of the procurement, and prior to award of contracts to successful bidders, to receive an update for consideration;   (i)       Cabinet agree that the Business Northumberland Investment Fund be structured as a Limited Partnership, with the Fund Manager acting as General Partner and the Council as Limited Partner; (j)       Cabinet confirm the Governance arrangements for the Northumberland Growth Fund with Cabinet having decision making authority, approving a programme level approach and the NCC Programme Board having overall responsibility for effective delivery of the relevant programmes;   (k)      Cabinet agree to receive regular updates on the implementation, performance and impact of the Strategy and the Northumberland Growth Fund, including annual reporting through the Council’s performance framework;   (l)       Cabinet note that NGF funding will be received by the Council in phases, subject to the achievement of defined milestones linked to the Cambois Data Centre Campus development;   (m)     Cabinet note that the scale, phasing and deployment of the Northumberland Growth Fund, including the commitment of any additional funds into the Economic Infrastructure Programme or the Business Northumberland Investment Fund, will be subject to further Cabinet approval; and   (n)      no steps will be taken to progress resolutions (d) to (m) above until the report has been considered by the Corporate Services and Economic Growth Overview and Scrutiny Committee on 30 March 2026 and, if applicable, by Cabinet on 7 April 2026 to consider Scrutiny’s recommendations.

Date of Decision: March 10, 2026