Local Enterprise Partnership issues plea for funding certainty

Local enterprise partnerships (LEPs) require longer term funding certainty from the government in the upcoming spending review to continue making progress.

Sarah Middleton, Chief Executive of the Black Country LEP, told delegates that there are “lots of fantastic projects” under way across the midlands. As an example of the progress that has been achieved by her own LEP, she pointed to enterprise stock in the Black Country, which she is at its “highest” level since 2004.

But the lack of funding certainty for LEPs beyond 2021, which is when their current allocations runs out, is causing headaches, said Middleton: “There is definitely momentum but with the uncertainty around Brexit, they need now to see greater certainty. Time is ticking away on the publica finances: by the end of this year we need to see some budgeting happening. [emaillocker id=”71749″]

“Having built up a fantastic pipeline of things we want to invest in, it would be a real shame for that to be impacted by not being able to do that development work and not knowing what the funding is beyond 2021. Both public and private sector resilience to the situation is getting thin and we need an outcome so we can have some certainty going forward.”

But Paul Edwards, Head of Strategy at the Greater Birmingham & Solihull LEP, played down the impact of Brexit, which he described as a “bump in the road” that is not going to change his body’s strategy.

Tom Goshawk, head of capital programmes at the D2N2 LEP, showcased a number of development projects that the organisation is carrying out in its area covering Derbyshire and Nottinghamshire.

These include a £2m injection of local growth funds into the Buxton Crescent project, which is renovating a grade 2 listed building in the Derbyshire spa town to create the Peak District’s first five-star hotel.

He said the LEP is also contributing £8.1m worth of funding to purchase land and demolish existing space to pave the way for the comprehensive regeneration of the Becketwell site in Derby city centre.

He said that projects like these are designed to help deliver D2N2’s strategy to lift the area into the top quartile of productive economies in Europe.

Stuart Emmerson, Inward Investment Manager at Worcestershire LEP, said that its booming digital sector had recently attracted a business from Silicon Valley to what the county has been branded its own ‘Cyber Valley’.

He also said the revamped Worcester Parkway station, which is due to come online later this year, will reduce journey times to both London and Birmingham, unlocking opportunities to the south of the cathedral city.

And he said the Worcester 6 business park has already attracted number of high-profile companies including Siemens.

Paula Deas, Operations Director at the Coventry & Warwickshire LEP, said that her LEP’s successes include securing £100m towards the UK Battery Innovation Centre. [/emaillocker]