£46.1M Expansion Of Growth Deal Boosts Local Plan For South East Economy

SELEP Growth deal

The South East Local Enterprise Partnership has agreed an expansion to its Growth Deal with the Government which will see an extra £46.1m invested in the area between 2016 and 2021. This is in addition to the £442.2m of funding committed by the Government on 7 July 2014.

Over the lifetime of its Deal (2015-2021) the Local Enterprise Partnership estimates that up to 45,000 new jobs could be created, 23,000 new homes built and that it has the potential to generate £700m public and private investment.

The additional proposed projects include:

The South East LEP Growth Deal is part of a long term plan to devolve at least £12 billion from central government to local economies. The plan aims for every part of the country to be a motor of growth for the national economy – building on the strength of the South East.

The Prime Minister said:

"Giving local communities the power and the money to unlock growth and development and make the spending decisions that work for them is a key part of our long-term economic plan to secure a brighter future for Britain and ensure a recovery for all. That’s what Growth Deals are all about, backing local people and investing in the infrastructure, housing and skills that will drive forward local economies, create more jobs and opportunities for hardworking people and supercharge all parts of our country".

The Deputy Prime Minister said:

"A quiet revolution is underway in the South East and across the country, as Growth Deals signal the death of the culture where Whitehall calls the shots. I’ve seen for myself the difference it makes to give the region more power over skills, over business support, over infrastructure spending.

“I am delighted to announce the expansion of the South East Growth Deal today.

"The Coalition Government has been relentless in our efforts to sort out the public finances and set firm foundations for growth. Growth Deals help create a stronger economy and a fairer society by boosting local economies, and providing more jobs, better transport and affordable homes."

The SELEP Chair Peter Jones said:

"This Growth Deal is a huge boost for the South East Economy - through our Deal with Government almost half a billion pounds is now to be invested in local growth, supporting projects of national significance and of real importance to local areas, bringing new jobs, businesses and homes.

This funding builds on the earlier investment announced for transport infrastructure, reaches right across the South East from the Thames Gateway to our coastal towns and attracts new private sector support. By recognising the development of our SEFUND investment fund, it also offers the opportunity to fund future growth in new and different ways.

SELEP has taken huge strides in recent months; our excellent businesses and councils across East Sussex, Essex, Kent, Medway, Southend and Thurrock are working together to make the South East the place for business and growth".

FACTSHEET

1. How much is the Government investing in the South East as part of the Growth Deal?

Initial Growth Deal (July 2014) - £442.2m
Expansion – additional funding awarded (Jan 2015) - £46.1m
Total Expanded Growth Deal Local Growth Fund - £488.3m

2. What proposed projects will this new tranche of funding deliver?

This adds to the projects that were announced in July 2014, including:

3. How does this benefit the people of the South East?

Through the provision of new jobs, homes and enhanced public realm including leisure facilities. The Growth Deal will focus on promoting growth in the Thames Gateway, a key growth corridor for the UK and in coastal communities in the South East.

According to estimates by the LEP, the Growth Deal could bring to the South East:

4. What is the benefit for local businesses?

As well as much needed road and rail improvements, the Growth Deal confirms additional funding for business support, the creation of new business space and additional funding towards town centre renewal.

5. Facts and figures

The Growth Deal builds on significant recent investment in growth opportunities in the South East including:

Growing Places Fund total allocation - £50m

Enterprise Zone funding - £16,618,000 and £5,730,000 (2 zones)

Southend City Deal - £2.5m
The Southend on Sea City Deal aims to capitalise on opportunities to increase the rates of entrepreneurship and innovation locally to realise the full potential of this major centre within the South East Local Enterprise Partnership area. Over its lifetime the Southend on Sea City is predicted to deliver direct business support for 1,350 businesses, mainly SMEs, across the South Essex area, with at least 375 businesses assisted to improve performance.

Regional Growth Fund - South East LEP area has to date received £82.5m investment from the Regional Growth Fund, and could also benefit from £3.2m invested in neighbouring LEPs

Coastal Communities Fund - £15,686,288.