Half a billion boost for London & the South

Half a billion boost for London & the South

Eight local enterprise partnerships across London & the South East of England have received a £492m boost as part of a £1.8bn dedicated Local Growth Fund to help create jobs, support businesses and encourage growth.

The investment could see 237,000 jobs created, 119,000 homes built and attract over £4.7bn in investment.

The funding follows the £556m allocated to local enterprise partnerships in the Northern Powerhouse last week – with allocations to the Midlands due very shortly.

Communities secretary Sajid Javid said: “As part of efforts to deliver an economy that works for everyone, the government is equipping local people with the resources they need to boost growth in their area.

“This new money will give businesses across the region the support and opportunities they need to achieve their potential. This is on top of the £2.2bn we have already awarded.”

Buckinghamshire is just one of the local enterprise areas to benefit, securing a £20.48m boost from the funding.

The investment will see the creation of a new innovation centre at Silverstone, the development of the Stoke Mandeville Relief Road and the Vinson Centre for Liberal Economics, Innovation and Entrepreneurship at the University of Buckingham.

Andrew M. Smith, chairman of Buckinghamshire Thames Valley LEP, said: “We are delighted with today’s announcement of further funding for Buckinghamshire as part of the government’s Local Growth Fund Round 3.

“The funding will enable us to build on the significant potential of internationally recognised high growth sectors which have strong historical roots in the county. 

“This new investment sends a very positive message to existing businesses and inward investors that there is an ambition and appetite to grow the economy of Buckinghamshire.”

Minister for London Gavin Barwell added: “London is recognised the world over as an economic powerhouse and we’re determined to see it go from strength-to-strength.

“Today’s £141m funding for the capital will help deliver as many as 5,400 homes over the next 5 years, support projects to improve the environment at the heart of the city and help young Londoners learn a wide range of new skills.”

The Coast to Capital Local Enterprise Partnership is also set to benefit, securing £66m in funding which is estimated to create up to 40,000 new jobs and 13,000 homes.

Jonathan Sharrock, chief executive of Coast to Capital LEP, said: "The new projects to be funded will help to improve the daily lives and prospects of local people and, working closely with partners, we will be able to unlock the region’s potential for long-term growth by kick starting schemes which will provide the stimulus to bring forward more homes and jobs.”

Some of the other new projects to benefit from the funding include:

·         Air Quality Programme – improving London’s air quality through a commercial boiler scrappage scheme and further grant support to businesses to implement measures to reduce pollution from their operations

·         Creating a Bio-Innovation Centre, a business incubator for new life-science projects, part of a new Life Sciences building at the University of Sussex

·         Developing a Technical and Professional Skills Centre at Stansted Airport helping to create or safeguard an estimated 540 jobs and support 530 students in aircraft engineering.

·         Building the Stoke Mandeville Relief Road as part of the Aylesbury Ring Road development – the new route will connect and enable development of major new housing and employment locations to the south of Aylesbury