07 Apr 2017
Local Enterprise Partnerships (LEPs), in conjunction with the government’s Local Growth Fund, have invested over £16 billion into local economies.
LEPs alone have helped to generate over £7 billion in private sector investment since their inception in 2011. LEPs have also been responsible for a significant number of opportunities in associated employment, training and housing.
Figures from the LEP Annual Conference held at the end of March, are evidence of the growth that LEPs have facilitated within local economies.
Communities Secretary, Sajid Javid, explains: “Today’s figures demonstrate the vital role that Local Enterprise Partnerships play in building economic growth in their communities – backed by our £9billion Local Growth Fund.
“This has helped create nearly 150,000 new jobs, supported businesses and improved transport links across the country.”
Figures from the LEP Annual Conference show that in addition to helping to create over 145,000 jobs, LEPs have also put 95,000 people on the road to learning new skills since they were set up.
As well as producing some impressive figures, the conference also showed how work done behind-the-scenes by LEPs helped deliver billions in investment. For example, Liverpool City Region LEP has spent over 6 months working with universities and organisations to analyse and encourage the use of advanced manufacturing in businesses across the region, as part of the 4th Industrial Revolution in the UK.
The LCR 4.0 project will support small and medium sized businesses to become more efficient, by using new technology.
Commercial Secretary to the Treasury, Baroness Neville-Rolfe DBE CMG, said: “We know LEPs are crucial to boosting growth which is key to raising productivity and building an economy that works for everyone.
“We have backed these partnerships with more than £9bn through growth deals to support projects across the country aimed at creating jobs.”
There are 38 LEPs across England and each LEP Board comprises individuals from local authorities and private enterprise.