West Midland LEPs helping to drive economic growth says Government
LOCAL Enterprise Partnerships in the West Midlands have used £66m of Government funding to secure almost four times that amount – £230m – in private sector financing, as well as an additional £66m in other public sector funds, latest figures have shown.
The Government funding, supplied through the Growing Places Fund, together with the other cash has been used to fund 54 projects, build 2,600 houses and create 1.2m² of commercial floorspace to attract new business and boost local jobs.
The funding is being strategically targeted at projects aimed at bringing prime economic sites back into use by encouraging new businesses to relocate.
One example is in Coventry and Warwickshire where its LEP is using a grant of £230,000 from its Growing Places settlement to unlock £1.4m in private sector investment to support the Expert Tooling and Automation Project.
The project involves the acquisition of a freehold on 929m² of new industrial premises and the purchase of additional manufacturing equipment. The project will see the development of new advanced manufacturing technologies for the automotive and aerospace sectors. It will lead to the creation of 21 new jobs and help safeguard a further 10. The project is expected to be completed in December 2015.
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.”
David Frost, chair of the Local Enterprise Partnership Network said: “The Growing Places Fund has been instrumental in unlocking key investment sites across England, ensuring that much needed local growth is brought forward.
“This unique nature of the revolving fund has enabled Local Enterprise Partnerships to focus on key local projects.”
