Partner Article

Government funding to boost Coastal Connectivity

There’s much more to the British Seaside than buckets and spades. Dig a little deeper and you’ll find Britain’s Coastal towns are becoming business hubs in their own right, having recently received a share in £6bn Government ‘Growth’ funding allocations, aimed at creating jobs and bolstering prosperity for Britain’s mid- sized cities. The first wave of funding received is to provide crucial investment in regional infrastructure with more than 150 roads and 20 stations planned, offering significant opportunities for businesses when considering starting-up or re-locating to these regions.

With commercial rents in London increasing by as much as 30% in recent years, businesses are increasingly looking outside the capital when choosing a location, but don’t want to compromise on the accessibility London provides to key markets.[1] With growth funds now available to improve transport links, coastal towns are set to benefit from a boost in connectivity, attracting investment and providing fertile ground for start-ups and relocating enterprises, unlocking regional prosperity.

Capitalising on Coastal Connectivity

Since the rise in the number of airlines offering cheaper access to holidays abroad, many Great British seaside towns have had to re-invest in themselves in order to combat economic challenges faced as a result of changing tourism patters. As such, in recent years many seaside towns have developed their own attributes to support their growth and contribute to the economy. Traditionally a popular destination with holidaying Londoners, coastal locations have built on already established transport links with the Capital, as well as international links from a heritage of coastal trade networks, and now boast improved travel connections, making them attractive locations to establish or relocate your business.

Seaside Success Story

Southend-on-Sea is one coastal town that has already seen the benefits of businesses beginning to turn away from the Capital, with new business increasing 10% year-on-year since 2010, the product of its ability to offer reasonable pricing with already excellent transport links.[2] Offering an average commercial rent that was significantly lower than London in 2013, the area has become an increasingly popular location for relocating businesses and start-ups.

Southend enjoys major rail and road links, with London a 53 minute journey train ride away businesses can arrive in the Capital in less time than the average Londoners morning commute.[3] In addition, the town is also able to provide expedient access to a variety of major cities in the EU, via the UK’s Best Airport as voted for by Which? Magazine, providing vital access to European and Global Markets.[4]

These transport links build on the bedrock of a healthy tourism economy, with an expanding leisure and service sector driving growth and jobs in the region. Tourism in the area has meant that businesses based here are able to take advantage of various opportunities, including increased demand for products and services as well as benefitting from galvanised private investment in the region.

Infrastructural Investment

Southend-on-Sea is now set to benefit from a further £50m in Government growth funding, which will build on established transport links, providing further investment into the region’s infrastructure and increasing opportunities for businesses re-locating to the region. Projects planned include further investment into the A127 across South Essex which will benefit local areas as well as future economic prosperity. A total of £5m is to be spent on implementing a local sustainable transport programme whilst £6.7m will go towards delivering the Southend Central Area Action Plan, improving transport, creating jobs and boosting regional innovation.

The success of Southend-on-Sea demonstrates that coastal areas surrounding London are suitable for development, enjoying an accessible location close to the Capital but where businesses can flourish without significant overheads. Government growth grants will bring further prosperity to the region, building on work that has already been done through the City Deal. Over the next ten years coastal regions are expected to grow as investment continues, attracting businesses and re-establishing British Coastal towns not only as seaside holiday destinations with a booming tourism economy, but as business and entrepreneurial centres in their own right.

[1] Royal Bank of Scotland, data from September 2012 – September 2013

[2] Southend LEA Refresh Report 2013

[3] ITV, Londoners endure longest commuting times in UK, 21 May 2013

[4] BBC News, 17August 2013

This was posted in Bdaily's Members' News section by Graham Longley .