Following a review on local economic growth by Lord Heseltine, the Government created a £12bn ‘Local Growth Fund’. All 38 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 and a third phase in 2017.
In total, we have been allocated over £126.17m for the operating period 2015-2021. This is by far the biggest single capital regeneration fund to be received in the area. .
Our initial allocation in round one (July 2014) was £80m. This helped to fund 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 (January 2015), we were allocated a further £20.3m, 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
We were additionally allocated £25.87m in April 2017 in round 3 of the Growth Deal. This is being invested in three projects:
- £12.87m for the development of the Space Park
- £1m for the extension of the National Space Centre
- £12m for junction and road improvements to the M1/J23 and A512
These projects are poised to start straight away and we are now working with our partners to bring these to fruition.
For more information on the outputs and how our growth deal is performing, click here.