A week after it was suggested by the new business & enterprise minister Mark Fallon, the Government announced today that Local Enterprise Partnerships (LEPs) will get core funding to allow them to drive forward their growth priorities.
The government’s offer of over £24 million could unlock up to £20 million locally and will enable LEPs to deliver their local plans for growth. An interim £5 million funding package will be made available immediately for all LEPs to draw upon for the next six months until the end of this financial year. This will be followed by up to £250,000 per LEP per year for the following two years.
The government expects the funds to be matched by local contributions which could push the overall funding pot up to £45 million over this period. The central government funding will be provided on a 50/50 basis by the Department for Business, Innovation and Skills (BIS) and the Department for Communities and Local Government (DCLG).
Business and Enterprise Minister Michael Fallon, said, “It is crucial we arm Local Enterprise Partnerships with the tools and resources they need to play a prominent role in delivering growth and jobs for their communities. This funding will help LEPs plan for the long term and ensure they can remain locally-led instead of dependent on central government support".
“We need to ensure LEPs remain voluntary business and civic partnerships so they are in the best possible position to deliver sustainable growth and job creation in their areas. Already we are seeing LEPs across England delivering innovative schemes in their communities. This financial support will help the partnerships to continue this work.”
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