Tourism: Finance
The question
To ask the Chancellor of the Exchequer, what steps her Department is taking to consider the needs of the visitor economy when assessing place-based funding decisions.
Answered by James Murray
The Government recognises the important role of the visitor economy sector, and has set an ambitious goal to grow inbound tourism. These will be set out in more detail when the Department for Culture, Media and Sport publishes its Visitor Economy Growth Strategy.
In September the government launched an overarching Pride in Place programme, providing up to £5bn over 10 years to support almost 250 places. In addition, the Pride in Place Impact Fund will provide around £150 million of funding to 95 places to support the development of shared spaces, revitalise local high streets and improve the public realm, all of which have benefits for the visitor economy.
Following the Green Book Review, HM Treasury is working with relevant departments, as well as local and regional government, to develop place-based business cases. This will bring together the different Departments needed to achieve the objectives of a particular place.
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