Innovation Driving Prosperity - Our Growth Deal and Strategic Economic Plan (SEP)
South East LEP has submitted its draft plans - bidding for £1.2 billion from Government to leverage £10 billion investment into the South East by 2021.
The ambitious programme set out in our preliminary Strategic Economic Plan was submitted to Government on 19th December 2013.
We aim to generate 200,000 private sector jobs and 100,000 new homes by 2021 through a coordinated programme of activity to deliver growth, supported by major new public/private investment funds, new road and rail infrastructure. We also are proposing to develop 2,015 new homes across the SE LEP area by 2015 through a ‘new ways of working’ pilot which aims to bring development forward more quickly
The Plan outlines the SE LEP’s bid for its local Growth Deal – a share of the £2bn national Single Local Growth Fund and it sets out the ‘asks’ of Government to support the delivery of business and economic investment in new ways. We will look to deliver economic growth more quickly and in a way that better suits local needs in Kent and Medway, Essex, Southend, Thurrock and East Sussex.
Innovation Driving Prosperity - Download the FULL DOCUMENT or choose your chapters HERE.
The Plan identifies four key pan-LEP priorities:
- Accelerating Growth: Enterprise and Innovation
- Creating Competitive Locations: Infrastructure and Property
- Building a 21st Century Workforce
- Enabling Housing Growth
Our ambition is that by 2021 we will:
- generate a further 200,000 private sector jobs, an average of 20,000 private sector jobs a year or an increase of 11.4%;
- increase the annual rate of growth of GVA to at least 3.1% by 2021 comparable to the wider South East;
- complete 100,000 new homes; and
- deliver the Thames Gateway stimulus package to accelerate development in Europe’s largest regeneration area.
At the heart of our Growth Deal, is a proposal to establish a family of investment funds - the South East Fund to be known as SEFUND, which will lever in substantial new sums of private, public and European investment. SEFUND will extend access to finance schemes to businesses across the SE LEP area and invest to kick start property development.
The Growth Deal is a competitive process. By combining and turning our size and local economic diversity to our advantage, we can offer compelling infrastructure and business investment opportunities. We intend to use this to attract new sources of public, private investment to unleash the potential of our area.
A total of £2billion a year is to be made available to the 39 LEPs through the Single Local Growth Fund from April 2015 for five years. It is vital that we make sure the SE LEP Strategic Economic Plan stands out from the rest, with maximum input from the private sector and supported by public sector, Higher Education and Further Education sectors and the other partners. We have focused on what is distinctive about our area and demonstrated our competitive advantage.
We would like to hear your feedback and would welcome comments through the website and other routes over the coming months.
If you are business group or a local organisation hosting an event or meeting where you would like someone from the LEP to attend and to discuss the Strategic Economic Plan in more detail, please contact us, we are a small team but will endeavor to support where we can.
Background to the Strategic Economic Plan, Growth Deal and Single Local Growth Fund.
In the Government’s response to the Heseltine Review and in the June 2013 Spending Review the Government tasked each Local Enterprise Partnership (LEP) to develop a new multi-year local growth strategy. In response we have developed our Strategic Economic Plan (SEP) for the South East LEP area. This will inform our negotiations with HM Government over the resources and powers that we want to see devolved to us to stimulate economic growth.
Following a process of negotiation which will take place during Summer 2014, an allocation from the Single Local Growth Fund will be made available to LEPs to invest in growth from April 2015. The level of funding received will reflect:
- the quality of our strategic proposals and the activity we propose to undertake to bring about growth; and
- the commitment from all partners in the South East LEP (SE LEP) area to work efficiently and effectively together.
Specific funding for transport and skills is included in the Single Local Growth Fund for 2015-16 and for the remaining years up to 2020, Government has committed at least £2bn annually to the fund.
At the same time, the LEP also has access to European Structural Investment Funds for the 2014-2020 ERDF and ESF European Programme. This allows us to draw together resources from both Europe and at home to deliver the priorities for delivering economic growth in the South East. The SE LEP European Structural Investment Fund Strategy (ESIF) is aligned to the priorities of the SE LEP Strategic Economic Plan.
For more details of the Draft European Structural and Investment Fund Strategy for the South East LEP area, please click here. The final ESIF Strategy is due to be submitted to Government by 31st January 2014.
The draft Strategic Economic Plan was submitted to Government on 19th December 2013. The final submission of the Strategy is due to be made by 31st March 2014.
This final Plan will provide the basis for negotiations with Government for the local growth deal, with decision due to be announced before the end of July 2014. The money will available to spend from April 2015
Our approach so far...
The development of the South East Strategic Economic Plan Fund Strategy has been guided by SE LEP Board and partners including local authorities, Higher Education and business.
Consultants, Shared Intelligence, have provided additional consultancy support to develop the strategy. This has included developing the evidence base and an analysis of the current state of the SE LEP economy. Through a review of existing strategies and engagement with partners across the LEP area we have identified key opportunities for growth and impediments that need to be addressed. Key activities have been proposed to take forward the priorities and ambitions developed from the local areas upwards.
Throughout the development of the Plan there has been an extensive programme of engagement with businesses, educational and training establishments, voluntary and community groups and other partners. The SE LEP Board has been regularly updated on the progress and these discussions have informed and shaped the content of the Plan.