A newly-created “Mission Growth Fund” could help reopen Southport Pier, according to Chancellor of the Exchequer Rachel Reeves.
The Chancellor told the House of Commons today during the Spending Review speech: “The renewal of Britain must be felt everywhere. Today I’m pleased to announce additional funding to support up to 350 communities, especially those in the most deprived areas.
“Job creation and community assets are vital to our growth mission. But too often regeneration projects are held back, gathering dust in bureaucratic limbo.
“We will establish a ‘Growth Mission Fund’ to expedite local projects that are important for growth. Projects like Southport Pier, an iconic symbol of coastal heritage which has stood empty since 2022.”
OTS News understands that the plans will see a £240m fund created, with further details on the selection criteria expected later this summer.
Southport Pier was closed in December 2022, after inclement weather led to the discovery of structural issues.
A spokesperson for Sefton Council told OTS News: “We welcome the Chancellor referencing Southport Pier today as part of the spending review.
“As a Council we have said we are ready to go as soon as funding is secured and we look forward to finding out more detail about the Growth Mission Fund in due course.”