Government has today announced that Liverpool City Region Local Enterprise Partnership (LEP) has been awarded a total of £230million Growth Fund from 2015/16 to unlock the regions potential as an economic powerhouse. The funding will help support the over £500m of additional investment in the City Region potentially enabling over 30,000 new jobs.
A transport package totalling over £138million will see £46.6million committed to schemes that will directly support the City Region’s freight and logistics hub ambitions and £52million to enhance the connectivity and attractiveness of the City Centre as a place to visit, do business and live. The remaining £41.4million will see a programme of activity to support growth in the economy.
£41.1million has also been allocated for Skills Capital Funding in 2015/16 and 2016/17 that will enable City Region Colleges to be able to enhance and develop facilities ensuring the regions educational establishments have the facilities to match the demands from business. This includes an allocation for an innovative new £7.5m fund to assist Colleges to invest in being more energy efficient as part of the City Region’s overall “LCR2Energy” ambition to achieve energy self-sufficiency within 20 years. No other part of the Country has secured such a fund.
For businesses, the LEP will also receive funding to establish a Business Growth Hub, in line with Government’s desire to see better co-ordinated business support throughout the country while the Deal confirms a funding allocation to support an International Festival for Business in 2016.
Robert Hough, Chair of Liverpool City Region Local Enterprise Partnership said: “I am delighted by the news from Government. Receiving £230million from an initial ask of £250million when the Fund was three times oversubscribed is a huge achievement for the City Region and clearly demonstrates that Government has recognised our work and that the structures and governance here provide the capacity to unlock the regions’ potential as an economic powerhouse.
“Both the private and public sectors identified what investment was needed to accelerate our economy such as investment in the Liverpool City Centre; building on our SUPERPORT freight and logistics hub capabilities; our ambition to be energy self-sufficient within 20 years, as well as priorities in skills, innovation and business. The monies awarded to us will now allow us to take these projects forward.
“Through our focus on transport and infrastructure we have been clear that as a LEP growth across the North can only be enabled by the private sector in the identification of key infrastructure projects. We have always stressed the economic potential of the City Region acting as a freight and logistics hub for SUPERPORT and are therefore encouraged that this package recognises the importance of the infrastructure schemes to support this development.
“I also welcome the £41.1million commitment to skills funding. As our economy continues to improve, more companies are facing a shortage of skilled workers so it is vital we equip our future workforce with the necessary talents and training for the jobs of today and tomorrow and the best way to ensure a steady supply of workers is through education.
“But this Growth Deal isn’t the whole story, we are also working tirelessly across boundaries with the private sector and partners on other topics that will enable growth such as High Speed 2, Atlantic Gateway and our three Enterprise Zones, including the recently announcement University Enterprise Zone which was also an Ask in our Growth Deal.”
Robert added: “I believe that this confirms that today’s news is further evidence that the City Region is entering into a new phase of accelerating growth.”