COASTAL communities in North Wales are set to benefit from a £92 million investment in flood defence improvements, announced today (January 15).
The funding, part of the UK Government’s National Wealth Fund (NWF), will support Denbighshire County Council’s efforts to restore and enhance sea defences in Rhyl and Prestatyn. These upgrades aim to protect hundreds of homes and businesses from the increasing threat of flooding, exacerbated by rising sea levels and extreme weather linked to climate change.
The investment is expected to fuel growth in the construction sector, creating jobs and boosting the local economy. This comes as the NWF reports unlocking nearly £1.6 billion of private investment over the past six months, supporting 8,600 jobs across the UK in sectors ranging from clean energy to digital infrastructure.
Jobs and investment drive growth
The NWF has been pivotal in creating new opportunities across the UK. Key initiatives include:
- 6,500 jobs in the retrofit sector, driven by £1 billion in funding from Lloyds and Barclays to improve social housing with low-carbon heating and insulation.
- Expanding faster broadband connectivity for households and businesses in Cornwall, Yorkshire, Lincolnshire, and Cumbria.
- Boosting clean energy through the expansion of a rooftop solar scheme in West Suffolk, enabling businesses to access affordable, low-carbon electricity.
Welsh Secretary Jo Stevens welcomed the investment, stating: “This £92 million investment in Wales will build vital flood defences to protect people’s homes and businesses, and create jobs in the construction industry.
“The UK Government’s National Wealth Fund is driving our mission of economic growth here in Wales and across the UK and is already having an impact.”
A national mission for growth
The National Wealth Fund, launched by the Chancellor in October, is designed to spearhead economic growth by investing in future industries and creating high-skilled jobs. With £27.8 billion in funding, the NWF is central to the government’s “Plan for Change,” which aims to raise living standards nationwide.
Chief Secretary to the Treasury Darren Jones commented: “Growth is our national mission, and the cornerstone of our Plan for Change that will improve living standards and put more money in people’s pockets.
“The National Wealth Fund is delivering economic growth, securing over a billion in private investment since July, in industries that turbocharge growth in our economy and create good quality jobs across the UK.”
Focus on clean energy and regional growth
The NWF is prioritising investment in key sectors, including green hydrogen, carbon capture, gigafactories, and green steel, with at least £5.8 billion of its capital allocated to these areas. The fund also has a strong regional mandate to maximise the economic potential of cities and regions across the UK.
As part of its expanded remit, the NWF will offer additional financial instruments and take on more risk to catalyse impactful projects. This strategy aims to support the government’s industrial strategy and accelerate the transition to a clean energy future.