LEP submits ‘game-changing’ economic plan to government
THE Leeds City Region Enterprise Partnership (LEP) has today submitted a “game-changing” Strategic Economic Plan to government to increase the City Region economy by a quarter and create thousands of new jobs.
Through targeted investment schemes to improve transport connectivity and maximise the opportunity of HS2; create more, better quality jobs for young people; and double housebuilding in the City Region, the LEP aims to deliver £5.2bn in additional economic output, 62,000 extra jobs and £675m in benefits savings to the Exchequer by 2021.
The LEP is bidding for a portion of the government’s £2bn Local Growth Fund to unlock the City Region’s potential, becoming the growth engine for the north and in turn, the nation, it says.
Roger Marsh, chair of the Leeds City Region Enterprise Partnership said: “This is a game changing moment for our City Region. We genuinely believe that nowhere is better placed than right here, to rebalance the UK economy and deliver sustained future growth.
“As a relevant, essential and enabling partner to business growth, we will work hard to ensure growth is firmly back on the agenda in 2014.
“Put simply, for every £1 net we receive from the tax payer, we aim to deliver up to £10 enhanced economic output by 2021.
“Our Plan is bold but highly credible. We need our partners, businesses and individuals to get behind the region and demonstrate to government that we are ready to get to work. For the City Region, it is no longer why, but why not.”
Other measures in the Plan include an Energy Hub to deliver a 21st Century energy infrastructure that will improve resource efficiency and reduce the cost of doing business in the City Region, and programmes to boost private sector growth and innovation, including extending the LEP’s successful Business Growth Programme which to date has helped 200 SMEs grow and create around 2,000 jobs.
The submission of the Strategic Economic Plan comes a day ahead of the inauguration of the West Yorkshire Combined Authority. The Combined Authority will be the accountable body for the funding from the Local Growth Fund, providing a robust governance framework and democratic accountability to decision-making, and will work alongside the LEP to deliver the Local Growth Deal for West Yorkshire and the entire Leeds City Region.
