Following a review on local economic growth by Lord Heseltine, the Government created a £12bn ‘Local Growth Fund’. All 39 Local Enterprise Partnerships (LEPS) across the UK bid for a share of the fund by developing plans outlining how and on what they would spend the money.
The Leicester and Leicestershire Growth Deal aims to drive growth across the area by providing additional funding and leveraging investment to provide new homes and space for businesses, provide high quality skills and training facilities and deliver key transport improvements across the city and county.
Growth deals were initially announced in two phases in 2014 and 2015. In total, we were allocated over £100m for the operating period 2015-2021. This is by far the biggest single capital regeneration fund to be received in the area. A further phase of funding was announced in the March 2016 Budget statement.
This encompassed £80m (July 2014), allocated to the following projects:
- MIRA Partnership Engineering Training Centre Enterprise Zone
- Leicester Waterside
- Leicester College
- Great Central Railway
- Local Sustainable Transport Fund Rd 2 (Hinckley)
- Leicester & Leicestershire Broadband
- Leicester Strategic Flood Risk Management
- North City Centre Access Investment Programme
- M1-Junction 22 / A42-Junction 13
In round 2, we were allocated a further £20.3m (January 2015), from which the following four projects benefited:
- Leicester City Council – Connecting Leicester scheme
- Melton Cattle Market
- Leicester & Leicestershire Workspace Programme
- Midland Mainline Improvements – Market Harborough
Working closely with our partners, we have submitted a bid which encompasses a range of exciting projects. This is available to download below.
We are anticipating an announcement about how much we might be allocated in the Autumn Statement later this year.