Securing key projects for economic growth
Local Enterprise Partnerships are playing a vital role in driving forward economic growth to help build a country that works for everyone. That’s why by 2021 Government will have invested over £12bn through the Local Growth Fund, allowing LEPs to use their local knowledge to get all areas of the country firing on all cylinders.
- There are 38 LEPs covering the whole of England
- Government has awarded £9.1bn from the Local Growth Fund to local areas via three rounds of Growth Deals to drive economic growth.
- LEPs are investing in a wide range of projects including transport, skills, business support, broadband, innovation and flood defences.
About Growth Deals
Growth Deals provide funds for projects that benefit the local area and economy. Thanks to our Strategic Economic Plan and our strong track record, Hertfordshire LEP has secured £159.7m to date from the Local Growth Fund. This comprises £93.6m from the first round of Growth Deals in July 2014; a further £22.2m in the second round of Growth Deals in January 2015; and a further £43.9m in February 2017. Read the press release on Growth Deal 3.
Combined funding from these Growth Deals have the capacity to deliver 11,000 new jobs, 16,500 new homes and unlock £460m public and private investment by 2024/25.
Examples of Growth Deal investments include Stevenage town centre regeneration, Airbus educational STEM centre, Hertfordshire Growth Hub (free business support service), a new campus at West Herts College and the Ambition Broxbourne Business Centre.
Funding from Growth Deals enable us to deliver on our key priorities outlined in our Strategic Economic Plan:
- Reinvigorating our towns for the 21st Century;
- Ensuring our people have the correct skills to allow our businesses to thrive;
- Ensuring Hertfordshire remains a global leader in science and technology.
The LEP has flexibility on determining which projects meet the principles of Hertfordshire’s Strategic Economic Plan. Funding decisions on projects are made at a local level through our LEP Board which is primarily made up of local business people and matches the socio-economic fabric of Hertfordshire.