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SEMLEP will receive over £13m to enable us to establish a revolving funding mechanism

11 November 2011

As we indicated on our website earlier this week, it is excellent news that the South East Midlands LEP will receive over £13m to enable us to establish a revolving funding mechanism that will accelerate infrastructure development across the area.

It is interesting to note that the amount SEMLEP has been allocated is comparable to that designated for Lancashire, Liverpool and Sheffield city regions, New Anglia and the Solent.

I have met with the Chief Executives and the Economic Development Officers from SEMLEP's partner local authorities and agreed a process for prioritising and selecting the projects in our area that stand the best chance of immediate delivery.

SEMLEP's aim is to ensure that we use this money to set up a robust and sustainable local infrastructure fund that can, in the short term, be spent on infrastructure that will create wider economic benefits across the area. In the medium term this should enable money to be reinvested to unlock further development and leverage private investment. In this way SEMLEP plans to continue to meet priorities identified by partners and promote the delivery of jobs and housing throughout the area.

Notes to Editors

With its 1.891m population the South East Midlands Local Enterprise Partnership (SEMLEP) is the 7th largest of 34 Government approved LEPs. Based on the four large conurbations of Bedford, Luton, Milton Keynes and Northampton it differs from all but one of the larger LEPs which are City region based. SEMLEP incorporates a number of high value clusters including advanced technology and manufacturing, high performance engineering, logistics, creative industries and the green and visitor economies.

The clusters are supported by excellent education establishments including Cranfield University, University Of Bedfordshire, University Centre Milton Keynes and University of Northampton. Good road, rail, and air transport networks bring SEMLEP within 2 hours reach of 35million of the UK's population as well as many European capital cities.

The Local Authority Partners in SEMLEP are Aylesbury Vale District Council, Bedford Borough Council, Central Bedfordshire, Council, Cherwell District Council, Corby Borough Council, Dacorum Borough Council, Daventry District Council, Kettering Borough Council, Luton Borough Council, Milton Keynes Council, Northampton Borough Council and South Northamptonshire Council.

The Business Organisation Partners are Milton Keynes and North Bucks Chamber of Commerce, Bedfordshire Chamber of Commerce, North Bucks Federation of Small Businesses, Northamptonshire Federation of Small Businesses, Hertfordshire Institute of Directors, Milton Keynes Institute of Directors and Bedford Business Group.

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