LEPs secure £5bn of private sector investment

LEPs secure £5bn of private sector investment

A total of £5bn of private sector leverage has been secured by Local Enterprise Partnerships (LEPs) to date.

The level of private investment is part of a set of accumulated data collected by the LEP Network from the 39 business-led partnerships in England to demonstrate the impact of the work of LEPs and show that, to date, LEPs have:

  • Created 115,000 new jobs 
  • Trained 78,000 learners
  • Created 71,000 new businesses
  • Supported 72,000 businesses
  • Built 16,000 new homes, and  
  • Spent £945m on infrastructure
    • Welcoming the start of the LEP Annual Conference, the Prime Minister, The Rt Hon David Cameron MP, said: “In the five years since I joined you for the first LEP conference in Coventry, I have been delighted to see the real impact Local Enterprise Partnerships are making across the country.

      “Together you have invested over £15bn in projects and programmes – boosting local economies and creating quality job opportunities that are improving people’s lives and their communities.

      “I believe that local business leaders and local authorities must work together to make the best decisions for their area.

      "This government is pushing forward with the most ambitious devolution of power in a generation and business must be at the forefront of this.

      "Now is the time for Local Enterprise Partnerships to get involved in devolution deals and tell us what you can do to drive growth.

      “The achievements of LEPs are to be commended, but there is more to be done.”

      Jonathan Browning, chairman of the Coventry and Warwickshire Local Enterprise Partnership, said the growth projects underway are helping the local economy and businesses to develop and grow throughout the area.

      He said: “LEPs are transforming the economic landscape and the partnership approach between the private and public sector is making a visible difference with projects ranging from Friargate in Coventry to improving J12 of the M40 in Warwickshire.

      “The funding we have received from the government allied with investment from the private sector in Coventry and Warwickshire has created jobs for local people, raised the skills level and boosted the economy.

      “It is vital this partnership remains strong to help our economy remain robust and continue to deliver projects which are making a real difference.”