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Government unveils £500M growth fund

Communities secretary Eric Pickles unveiled a new £500M Growing Places Fund today which will be distributed through Local Enterprise Partnerships (LEPs).

Funding will be allocated from January and will be targeted at projects that help facilitate economic growth, jobs and housebuilding in the local area which can be re-invested locally.

The government hopes the funding will enable LEPs will able to secure funding from developers in their area. Typical projects could include early development of strategic link roads, provision for flood storage areas to enable development of housing and projects relieving congestions.

The fund was announced at the Liberal Democrat conference in September. Ministers also published indicative allocations of £500M fund to the 38 LEPs.

Proposed LEP funding

  • £12.9M for the Liverpool City Region
  • £23.9M for the Leeds City Region
  • £17.4M for the Local Enterprise Partnership covering Derby, Derbyshire, Nottingham and Nottinghamshire
  • £14.9M for Birmingham and Solihull
  • Nearly £40M for London
  • £14.2 million for the Heart of the South West Local Enterprise Partnership

Readers' comments (1)

  • I see NCE's grammar and sentence structure has reached new lows. We seem to be following the government's example for pensions in entering a a race to the bottom.

    "... the funding will enable LEPs will able to secure funding ..."

    "... to enable development of housing and projects relieving congestions."

    The article completely fails to address the real questions:
    1. Is this new money, or a rebranding of money whch was already planned for, or already available?
    2. Why is the value so small? £500M sounds a big number, but is actually tiny. The allocation for my area (Leeds) is the second largest at £23.9M, an amount so small it will struggle to upgrade a major junction, never mind provide a strategic link road.

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