Communities Secretary Sajid Javid today announced a government cash boost of £37.6 million for the Greater Cambridge Greater Peterborough area to help create jobs, support businesses and encourage growth.
New investment in business scale-up and innovation on the area’s enterprise zones are just two of the locally-chosen programmes set to benefit over the next few years, alongside others which will create jobs, build homes and improve infrastructure.
This latest award of ‘Local Growth Funding’ is on top of £109 million of growth deal funding already awarded to the Greater Cambridge Greater Peterborough LEP.
The total award could see 8,000 jobs created, 2,000 homes built and attract £29 million extra investment over the next five years.
Sajid Javid said: “As part of efforts to deliver an economy that works for everyone, the Government is devolving powers and resources directly from Whitehall to local people who know their areas best.
“That is why we’re giving £37.6 million of new money to the LEP to give businesses the support and opportunities they need to achieve their potential – on top of the £109 million we have already awarded.”
Mark Reeve, chairman of the Greater Cambridge Greater Peterborough Local Enterprise Partnership said:
“Our Growth Deal award of £37.6 million comes on the back of a strong Devolution Deal for Cambridgeshire and Peterborough, funding for work on East-West Rail worth £110 million and an additional £27 million to support study work for the Oxford to Cambridge Expressway.
“This continued investment in our LEP area is critical to unlock key barriers to growth, delivering infrastructure upgrades and new housing that are vital to the economic success of both our area and UK Plc as a whole.”
The £12 billion Local Growth Fund equips local leaders with the cash they need to invest in and support locally determined projects.
Under the fund, England’s 38 business- led Local Enterprise Partnerships bid for investments based on local priorities.
Bids are highly competitive and to be successful, Local Enterprise Partnerships need to work with partners to agree
£7.3 billion of the £12 billion Local Growth Fund has already been allocated to more than 900 projects across England – helping to build vital infrastructure, improve skills and create thousands of jobs.
The remainder of the funding has been invested in projects such as improving transport networks and building new homes.
In the Greater Cambridge Greater Peterborough area this has already:
• Helped businesses to invest in new commercial offices (such as Lancaster Way Business Park, Ely)
• Enabled the expansion of the globally important centre for materials joining research TWI at Granta Park, near Cambridge
• Funded upgrades to Bourges Boulevard in Peterborough to enhance the City centre
• Continued the LEP’s Eastern Agri-Tech Growth Initiative benefitting food, drink and related businesses, not just in the LEP area, but also across Norfolk and Suffolk.
With the £37.6 million the Greater Cambridge Greater Peterborough LEP will deliver programmes over the next five years to:
• Drive innovation and business growth
• Support housing delivery
• Invest in skills infrastructure
• Fund transport improvements
• Develop the area’s two Enterprise Zones
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