My hon. Friend raises a good point. I am mindful of the fact that Jaywick, which is in his constituency, is statistically the most deprived area in the east of England. As he rightly says, pockets of deprivation can be hidden, because there are often areas of wealth within a few miles of them that camouflage that deprivation.
The east of England is an economic success story, and it is one of only three regions that are net contributors to the Exchequer. With the right policies and the necessary initiatives, we can significantly reduce poverty and create what, in effect, would be a global powerhouse, with specialist skills and expertise in such sectors as low-carbon energy, agritech, life sciences and sustainable fishing. Despite the drawbacks, a good start has been made locally in Waveney, and much of Lowestoft resembles a building site at present, with work well under way on the Gull Wing bridge—the long-awaited and much-needed third crossing of the port, which divides the town—as well as on the construction of permanent flood defences.
At this stage it is appropriate to pause and to recall that this evening is the 70th anniversary of the 1953 storm surge that hit our coast so cruelly, causing death, destruction and, ultimately, the demise of the beach village in Lowestoft. Today the region remains extremely vulnerable to rising sea levels and the threat of climate change, but the drive towards net zero presents our economy with significant opportunities, which we must grasp. In Lowestoft, work is also getting under way on the various towns fund projects designed to regenerate the town centre and the surrounds. These projects, together with the flood defence scheme and the new bridge, currently represent a public investment in the town of in excess of £220 million.
Due to inflation, the shortage of raw materials and supply chain challenges, delivering such construction projects is not easy at present, and I commend the project managers at Suffolk County Council, Coastal Partnership East and East Suffolk Council for their hard work. Our task locally is to ensure that the developments act as a catalyst for private sector investment and that they fit in with and complement the overall economic strategy for the region.
I will now briefly touch on the five missions where there is low confidence of meeting the 2030 targets.