LEPs to share £50m pot for building projects

LOCAL Enterprise Partnerships in the West Midlands will share around £50m in new government funds to help kickstart building projects that could boost the regional economy.

The money is from the Coalition’s new £500m ‘Growing Places Fund’ and can be used for schemes such as new roads and flood defences to open up land for development.

LEPs have today been told how much money they could receive and must now submit proposals on how they would spend it.

The Greater Birmingham and Solihull LEP is in line for the biggest share in the West Midlands at £15m while the Coventry and Warwickshire LEP has been allocated £8.5m.

Black Country LEP will have the opportunity to secure £9.6m while Marches LEP is likely to receive £5.4m.

Ministers have offered Stoke and Staffordshire LEP the chance to bid for £7.6m while Worcestorshire LEP could benefit to the tune of £3.7m.

Communities secretary Eric Pickles MP said: “The £500m Growing Places Fund will unlock much-needed local infrastructure and get the homes we need built.

“It will be local enterprise partnerships, made up of the people and businesses who know their local areas best, who will decide where this cash boost will be spent.

“I now want to see these partnerships coming together and finding innovative ways to unlock local sites and help get Britain building again.”

LEPs could use their Growing Places money to help support new building by funding access roads with developers repaying the cash so it can be reinvested.

Stoke and Staffordshire – 7,611,590
The Marches (Shropshire, Herefordshire, Telford and Wrekin) 5,438,945
Black Country – 9,619,452
Worcestershire – 3,667,852
Coventry and Warwickshire – 8,519,680
Greater Birmingham and Solihull – 14,932,970

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