Senior officers at South Kesteven District Council revealed yesterday (Tues) that the local authority's flagship economic development company InvestSK Ltd is to have its funding slashed.

InvestSK, which began life as a rebranding of the Economic Development Department of SKDC, will have its funding cut by more than 50 percent from over £1.3m in the current financial year to £800,000 next year and just £600,000 by financial year 2022/23.

It was incorporated in June 2018 and tasked with delivering a range of activities including managing inward investment to the district, running markets and festivals and promoting heritage and the arts.

Since then, some of these services have been taken back 'in-house' within the council whence they came while others are to be scaled back.

InvestSK has been successful in drawing attention to the South Kesteven district and has been responsible for some creative ideas and initiatives.

While some of these are undoubtedly popular, there has also been criticism of the company's business planning and lack of clear targets and some projects have been overspent.

It is believed the cut in the funding from SKDC is proposed to rein in the spending and give more clarity of role and purpose to the organisation.