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Local Growth

Volume 620: debated on Thursday 2 February 2017

In the last Parliament, £7.3 billion of the Local Growth Fund was awarded to Local Enterprise Partnerships (LEPs) through the first two rounds of Growth Deals. In the Autumn Statement, the Chancellor announced the regional breakdown of a further £1.8 billion of the Local Growth Fund. Today I am pleased to announce the individual awards that LEPs in the East of England and in London and the South East will receive.

Table A: Growth Deal 3 Funding Awards for LEPs in the East of England and in London and the South East

LEP

Funding Award (£m)

Buckinghamshire Thames Valley

20.48

Coast to Capital

66.06

Enterprise M3

71.12

Greater Cambridgeshire, Greater Peterborough

37.62

Hertfordshire

43.95

London

141.28

New Anglia

69.06

Oxfordshire

24.16

Solent LEP

31.02

South East LEP

102.65

Thames Valley Berkshire

35.56

This flexible funding sits alongside £475 million for Local Transport Majors and £2 billion long- term funding for housing transactions through the Home Building Fund. This was the most competitive round yet, and allocations were made based on a bidding round that took place last year. This honours our manifesto pledge to agree an expanded set of deals to empower the towns, cities and counties across the country to fulfil their potential and create an economy that works for all. The expanded deals will provide LEPs in the East of England and in London and the South East with the power and funding to support local businesses, unlock housing where it is most needed and develop vital infrastructure to allow places to thrive. The funding will also be used to create jobs, equip a new generation with the skills they need for the future and attract billions of pounds of private sector investment. This investment is Government stepping up, not stepping back, building on our strengths to boost national productivity and growth.

This adds to the £2.2 billion we have already invested in Growth Deals in the East of England and in London and the South East in previous rounds, providing targeted financial support to locally-determined projects in order to unlock growth.

The Government announces the award of £556 million to LEPs in the northern powerhouse on 23 January. We will announce the awards for LEPs in other regions over the coming weeks.

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