Latest funding from Local Growth Fund released

Communities Secretary Sajid Javid has announced the latest recipients of the Local Growth Fund, created to help create jobs, support businesses and encourage growth.

As part of the latest release of money from the Department for Communities and Local Government, eight local enterprise partnerships across London and the South East will gain a share of £492 million, while a further £150 million has been made available for the East of England.

It is hoped that the investment will see 237,000 jobs created and 119,000 homes built, as well as attracting over £4.7 billion investment to the regions.

The £12 billion Local Growth Fund provides local leaders with the finances that they require to support locally determined projects, with England’s 38 local enterprise partnerships bidding for investments. £7.3 billion of the £12 billion Local Growth Fund has already been allocated to more than 900 projects across England.

New projects across London, the South East and the East of England that are set to benefit from the latest funding include: London’s Air Quality Programme; the creation of a Bio-Innovation Centre at the University of Sussex’s Life Sciences building; building the Stoke Mandeville Relief Road near Aylesbury’; an Innovation and Productivity Fund in the New Anglia LEP; and a Technical and Professional Skills Centre at Stansted Airport.

Javid said: “As part of efforts to deliver an economy that works for everyone, the government is equipping local people with the resources they need to boost growth in their area. This new money will give businesses across the region the support and opportunities they need to achieve their potential. This is on top of the £2.2 billion we have already awarded.”

Gavin Barwell, Minister of State for Housing and Planning and Minister for London, added: “London is recognised the world over as an economic powerhouse and we’re determined to see it go from strength-to-strength.

“Today’s £141 million funding for the capital will help deliver as many as 5,400 homes over the next five years, support projects to improve the environment at the heart of the city and help young Londoners learn a wide range of new skills.”