LEP Bids for its Share of £2bn
23rd December 2013
A plan which sets out ambitions to add £3.2 billion to the Greater Lincolnshire economy over the next ten years has been submitted to the government.
The first draft of the Strategic Economic Plan has been handed in by the Greater Lincolnshire Local Enterprise Partnership (LEP). It outlines how the LEP expects to help create 13,000 new jobs, support the building of 100,000 new homes and help 22,000 businesses grow.
All 39 LEPs in England are currently bidding for a share of the £2bn Single Local Growth Fund, with final bids due to be submitted by 31st March 2014.
Ursula Lidbetter MBE, Chair of the Greater Lincolnshire LEP, said: “Our local economy is vital to the country, contributing more than £16 billion each year, so it’s imperative that we secure a fair share of this £2bn funding pot.
“We have many positive things to shout about: Greater Lincolnshire is home to the biggest Siemens plant in the UK as well as 40,000 small businesses, it offers a wealth of supply chain opportunities and it has attracted major investments.
“There are things that hold us back, however. Transport bottlenecks, underdeveloped economic infrastructure, a skills mismatch and a risk of flooding are all problems which we need to solve.
“Our board has the ambition and vision to tackle these issues, which we have made clear in our plan. We want government to invest in our strategy so that we can create even more jobs, help more businesses and increase the value of the economy both locally and nationally.”
To help shape the plan, the LEP has engaged with businesses and trade bodies such as the Chambers of Commerce and the Federation of Small Businesses to find out what they believe the barriers to growth are and how the LEP could support their development. Those responses have been built into the plan so that it accurately reflects the views of the entire business community.
Notes to Editors:
About the Single Local Growth Fund
- The draft of the Strategic Economic Plan has now been submitted to central Government. A final plan will be submitted by March 31st2014.
- The Single Local Growth Fund is a £2bn pot of money due to be handed down to LEPs from 2015.
- The fund is a result of Lord Heseltine’s review, No Stone Unturned.
- The Government’s response to the review can be found here.
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.
- Visit www.greaterlincolnshirelep.co.uk for details on the LEP