What is the difference between a Phase 1 Hub and a Phase 2 Hub?
The Renaissance in the Regions report called for £267million of Government funding over five years to implement the new structure. In the Spending Review of 2002, the Government allocated £70 million to the scheme. This did not enable every region to be allocated full Renaissance funding. Three Hubs were given funding equal to the amount recommended in the report Renaissance in the Regions and classed as Phase 1 Hubs. The remaining six Hubs were given smaller sums and classed as Phase 2 Hubs. The three Phase 1 Hubs are the South West, West Midlands and the North East. 70% of the original funding went to fund the Phase 1 Hubs. The Phase 2 Hubs are the South East, London, the East of England, East Midlands, the North West and Yorkshire. 30% of the original funding was split between the Phase 2 Hubs.
