Businesses to Shape LEP’s Share in £2bn
27th June 2013
The Greater Lincolnshire Local Enterprise Partnership will work with businesses across the region to help shape a bid for a share in a £2 billion funding pot to boost the local economy.
The Single Local Growth Fund is being allocated to LEPs across England as part of Government plans to devolve budgets usually controlled by Central Government to a local level to help stimulate growth. The fund was announced by Chief Secretary to the Treasury, Danny Alexander, during a speech in the House of Commons this morning, which also outlined plans for at least £20bn to be under the control of LEPs up to 2020.
The LEP will now meet with businesses, partnerships and public sector organisations across Lincolnshire, North Lincolnshire and North-East Lincolnshire over the summer to find out which areas they believe it should prioritise on as it develops its first Growth Plan.
The plan, which is being put together by Lincolnshire County Council on behalf of the LEP, will tell the story of the growth of Greater Lincolnshire, and bring together investment strategies from both the private and public sectors to support the bid for funds which are expected to be allocated in early 2015.
David Dexter, Deputy Chair of the Greater Lincolnshire LEP, said: “The £2bn pot is a welcome step in the right direction, although we do hope that this is increased as time goes on to allow us to fully embrace the new responsibilities we will have as an organisation. We have yet to find out important details of the pot, such as whether it is new money or ringfenced to deliver certain things.
“We plan to sit down with businesses across all areas of Greater Lincolnshire to find out what they believe the barriers to growth are, and how we can help support their development. We will also continue to work proactively with ministers and officials as the plans for LEP controls are developed.”
The Government has identified the three critical areas of transport, housing and skills for the fund, with money for elements of each of those being devolved to local LEPs. It is possible that other areas of funding for skills, regeneration, employment support infrastructure, housing, and business support could eventually be managed by the LEPs.
Councillor Colin Davie, Executive Member for Economic Development at Lincolnshire County Council, said: “I've always believed that local communities know what works best for them when it comes to stimulating growth, so we certainly see today's announcement as a positive move. We look forward to working closely with our colleagues on the LEP and Greater Lincolnshire businesses to make sure we win our fair share of this funding and put it to the best possible use.”
The LEP is asking businesses of all sizes, along with organisations, to put forward their views to the LEP by contacting firstname.lastname@example.org
Notes to Editors:
About the Greater Lincolnshire LEP
- The Greater Lincolnshire Local Enterprise Partnership is a private and public sector partnership led by the private sector which aims to improve conditions for infrastructure and doing business in the Greater Lincolnshire area.
- One of the first LEPs to be established in the UK, the Greater Lincolnshire LEP covers a large geographical area with a population of over one million and a diverse range of industries, from ports and logistics to farming, tourism and engineering.
- It includes North and North-East Lincolnshire and the administrative county of Lincolnshire and is controlled by a LEP board made up of leading figures in the public and private sector.
- Lord Heseltine’s review, No Stone Unturned, is available to view http://www.bis.gov.uk/assets/BISCore/corporate/docs/N/12-1213-no-stone-unturned-in-pursuit-of-growth.pdf
- The Government’s response to the review can be found here https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/188379/PU1465_Govt_response_to_Heseltine_review.pdf.pdf