GCGP’s Strategic Economic Plan is one of 39 being submitted by LEPs to Government, vying for a share of the Local Growth Fund via the Growth Deal process. The Local Growth Fund will inject at least £2 billion of funding per year into economic growth related projects over the next six years.
In total GCGP has bid for £119 million of funding for 2015/16, with an overall funding bid of £500 million over the next six years. As a result of the investment, the Plan would support the delivery of 70,000 new jobs and 50,000 new homes, leading to a £2.8 billion uplift in GVA across the LEP area.
The Strategic Economic Plan forms the basis by which individual Growth Deals will be negotiated by LEPs with Government to determine future funding levels from the Local Growth Fund.
Adrian Cannard, Strategy & Planning Director at the Greater Cambridge Greater Peterborough Enterprise Partnership (LEP) explains: “Our Strategic Economic Plan clearly demonstrates the fantastic potential that our area has to create new jobs, at the same time as supporting new homes and infrastructure. We have been bold in our ask, but are confident that our plans are robust and will deliver results for our local area.
“We have developed the plan alongside business and other key partners, such as our local authorities, to ensure that it reflects what is really required to develop our local economy further. We will now be engaging in tough negotiations with Government to secure the best possible outcome to support new jobs and economic growth in our area over the next six years.”
The Strategic Economic Plan focuses on five core elements:
- Digital – to become the UK’s exemplar area for digital connectivity and bolster our position as a leader in the Internet of Things;
- Infrastructure – to enable a transport network fit for an economically vital high growth area;
- Skills – to remove the skills barriers to continued growth and facilitate a truly business-led approach to skills delivery;
- Commercial Property – to respond to existing market pressures by supporting the provision of additional commercial space where it is most needed; and,
- Business Growth – to accelerate the momentum of business growth by offering targeted, coherent and approach support and advice.
Running through these five core elements are plans to ensure the continued momentum of delivery at Alconbury Enterprise Zone.
In addition to the Growth Deal, GCGP is working hard to finalise the European Structural and Investment Funds Strategy, which could draw in over £70 million worth of European Funding to the local area.
Grahame Nix, Chief Executive of GCGP, said: “It is an exciting time for our LEP, with a range of new funding opportunities that will enable us to have a significant positive impact on our local economy. We have two of the fastest growing cities in the UK in our area, and now is the time to harness that growth potential and turn it into new jobs, new skills, new homes and new infrastructure that will benefit the whole of our LEP area. We look forward to negotiating our Growth Deal with Government and are hopeful of a resolution before the summer recess.”
Government is expected to agree Growth Deals with LEPs by mid-2014, with the funding available from April 2015.
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