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SEMLEP welcomes £10 billion Growth Fund

27 June 2013

SEMLEP welcomes £10 billion Growth Fund Danny Alexander MP

The South East Midlands Local Enterprise Partnership (SEMLEP) has welcomed today’s (June 27th2013) announcement confirming the important long-term role that Local Enterprise Partnerships will play in building growth back into the English economy.

The announcement by The Rt Hon. Danny Alexander MP, Chief Secretary to the Treasury, confirmed the details of a new Single Local Growth Fund (SLGF) to transfer funding streams to Local Enterprise Partnerships – with £2 billion in 2015 and at least that in every year for the rest of the decade.

SEMLEP also welcomes the Government’s commitment to invest over £28 billion over the 6 years from 2014 in enhancements and maintenance of national and local roads and a further £250m in delivering fixed superfast broadband to 95% of the population by 2017.

LEPs have consistently lobbied Government for more investment in these areas to support economic growth.

Chairs and boards from across England’s 39 LEPs have announced they are ready and poised to rise to this challenge.

Dr Ann Limb OBE DL, Chair of South East Midland LEP (SEMLEP), commented: “This Single Local Growth Fund points to a growing and more significant role for the country’s business-led LEPs as the future building blocks for economic growth in England.

"In the South East Midlands, working with our local authority partners, we are geared up to making valuable use of these new resources and we hope that by demonstrating delivery in the first year we will be able to encourage Government to put even more into the fund going forward.

"LEP Chairs, our public and private boards, and our communities are determined to continue to bring forward more economic growth at the local level. Through our Single Local Growth Fund and ‘city’ deals we are determined to deliver accelerated, tangible growth in homes, skills and jobs across the South East Midlands.

"At least £2 billion a year up to 2020 for LEPs will help us to help stimulate jobs and growth. We recognise the real cuts being made across many Government departments, so this is a positive step and our job now is to ensure we make the strongest possible business case in order to access future funding for the South East Midlands."

On July 5th the LEP network will meet to hear further details on how to access these additional funds.

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