Growing Places has ‘attracted £1.8bn from private sector’

THE Government said its Growing Places fund, which aims to boost economic growth by providing loans to kickstart development projects, has attracted triple the amount of private sector investment.

It said £650m has secured a further £2.6bn of extra investment with £1.8bn from the private sector.

This investment is funding 305 projects across the country which the Government believe will create up to 77,000 new homes, 5.3 million square metres of retail, industrial and office floor space, 217,000 jobs and 5,300 businesses.

Local Enterprise Partnerships in Cheshire, Greater Manchester, Lancashire and Merseyside used £90m of Growing Places cash to attract £390m fromt he private sector, and an £54m in public sector funds. The money is being used to fund 44 projects.

The Cheshire and Warrington Local Enterprise Partnership used £3m to unlock £7.6m in private sector investment to fund access roads at the Omega distribution park in Warrington.

Communities minister Kris Hopkins said: “I believe that local economies should be led locally, with a focus on bringing private sector investment right across the country. That’s why we gave local enterprise partnerships not just the money but the powers to end their dependency on Whitehall and drive their own economies.

“I am pleased to see them using this funding with energy and imagination to support businesses, create jobs, and make all regions of Britain a great place to do business.”