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.

Key facts 

  • 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 £204.2m to date from the Local Growth Fund. This comprises £138.1m 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.