The Government’s announcement of on-going funding for the Local Enterprise Partnership Network has been warmly welcomed in Worcestershire.
Peter Pawsey, chairman of the Worcestershire LEP, said the move is “excellent news and something that through the LEP Network we have been advocating for several months”.
It highlights Government confidence in LEPs and this announcement will allow the Worcestershire LEP to deliver on some of its ambitions and to develop the commitment of local businesses and local authorities working together.
Mr Pawsey said: “It puts LEP funding on a more established footing and increases our capacity to create the right economic environment in Worcestershire to encourage jobs and growth.
“We will soon be publishing our new business plan which will highlight the fantastic assets and therefore economic opportunities that Worcestershire offers. It will also outline the areas of action on which the LEP will focus in order to unlock the County’s potential.”
The overall national offer of over £24 million from Government will enable LEPs to deliver their local plans for growth. Of the total, an interim £5 million funding package will be made available immediately for all LEPs to draw upon for the remainder of this financial year. The total package will also provide for up to £250,000 per LEP per year for the following two years and is subject to matched funding from local government and business sources..
The central government funding will be provided on a 50/50 basis by the Department for Business, Innovation and Skills and the Department for Communities and Local Government.
The Worcestershire Local Enterprise Partnership is currently on the hunt for new private sector candidates to refresh and rebalance its Business Board. Members of the Business Board work to support the delivery of the LEP vision for Worcestershire and provide the ‘think tank’ for many of the initiatives.