LEPs ‘help drum up £7bn in private sector investment’

27 Mar 17

Local enterprise partnerships helped generate more than £7bn in private sector investment since they were introduced six years ago, research from the organsiations has claimed.

This investment generated by the LEPs comes on top of the £9bn received to date through the government’s Local Growth Fund allocation and so would mean over £16bn which has been invested into local economies.

Speaking at the LEP Network Annual Conference today communities secretary Sajid Javid said: “Today’s figures demonstrate the vital role that local enterprise partnerships play in building economic growth in their communities – backed by our £9bn Local Growth Fund.

“This has helped create nearly 150,000 new jobs, supported businesses and improved transport links across the country.”

According to the LEP Network’s data in addition to the jobs created a further 95,000 people were put on the road to learning new skills since they were set up.

Commercial secretary to the Treasury Baroness Neville-Rolfe said:

“We know LEPs are crucial to boosting growth which is key to raising productivity and building an economy that works for everyone. 

“We have backed these partnerships with more than £9bn through growth deals to support projects across the country aimed at creating jobs, including a massive £392m boost this month to help the Midlands become a powerful engine for growth.”

Success stories highlighted at the conference include the work done by the York & North Yorkshire & East Riding LEP which undertook 18 months of negotiations to help deliver the £1.7bn York Potash Mine project – the largest private sector investment in the North.

In Sheffield, the city region LEP’s efforts secured McLaren Automotive’s £50m investment, which is expected to create more than 200 high value jobs for the area and increase wider foreign investment.

Mark Reeve, chair of Greater Cambridge Greater Peterborough LEP, and member of the LEP Network management board, said: “LEPs impact and influence in driving local economic growth across England is clear for all to see - helping businesses to start, grow, scale-up, export and access skilled talent.

“As the UK prepares to exit the European Union, the role of LEPs in this new environment has never been more critical in continuing to underpin local economic growth.”

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