09 Mar 2017 | Category: LLEP News

Over £25 million growth money for local economy

Marcus Jones, Parliamentary Under Secretary of State (Minister for Local Government) formally announced the LLEP’s Growth Deal 3 at the National Space Centre on Thursday 9th March.

The Leicester & Leicestershire Enterprise Partnership (LLEP) has been allocated £25.87 million from the Government in the latest round of Local Growth Deal funding.

In total, £392 million has been allocated to the wider Midlands area, after each Local Enterprise Partnership (LEP) submitted a bid to Government in 2016.

The LLEP put forward an ambitious proposal for the Leicester and Leicestershire area totalling over £144 million, for a number of projects that would boost economic growth. The £25.87 million allocated to the LLEP will be invested in three projects prioritised by the partnership:

  •  £12.87million for the development of the Space Park; providing a national hub for space research, learning, public engagement and innovation. This is set to deliver around 600 jobs and support up to 100 businesses, making a major contribution to the productivity challenge facing the city of Leicester.
  •  £1million for the extension of the National Space Centre to support it to continue to be the leading visitor attraction for space science and astronomy and to build its capacity to deliver science workshops for schools and deliver learning and apprenticeships in space engineering.
  • £12million for junction and road improvements to the M1/J23 and A512 which will unlock significant land for new homes and employment by supporting the new Loughborough and Leicester Enterprise Zone sites in Loughborough –Loughborough University Science and Enterprise Park and Charnwood Campus

Nick Pulley, chair of the LLEP said, “We put in a sizeable bid for Growth Deal Funding last year and have been working hard to stress the importance of receiving funding in the LLEP area to boost growth of the LLEP economy.

“The LLEP boasts an excellent track record having secured over £100 million through the first two Growth Deal rounds, investing in projects such as the Leicester College’s Skills and Innovation Village.”

“The £25.87 million Growth Deal allocation we will be receiving in this round will be split between the Space Park and Junction 23 of the M1. Both are both poised to start straight away and we will now be working with our partners to ensure that this welcome investment is allocated as swiftly as possible.”

For more information, please contact: admin@llep.org.uk

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