02/07/13
LEP Chair comments on the Single Local Growth Fund
The announcement of the initial £2bn funding for the Single Local Growth Fund, is a clear indicator of the way that the Government is positioning LEPs at the very heart of policies to drive local growth.
There are those that will say that the initial pot is far smaller than Lord Heseltine had envisaged. To me that is not the issue. This is the first substantial tranche of funds and it is for now for LEPs to show that they can deliver. LEPs have the opportunity to show that they have the imaginative vision and drive to improve local growth. For LEPs to succeed they will have to show that not only can they do things differently from a centrally driven economy, but that they can add value. That local control will result in stronger, more sustainable and faster growth.
If LEPs deliver this then it is clear that this initial fund will grow significantly and we should not forget that this growth fund will be supplemented by the devolution of European Funds and a significantly enhanced role in Transport projects.
LEP chairs have welcomed the announcement and are now ready for the challenge.
Relationships with central and local partners will hinge on accountability and those departments and agencies that have subscribed to the Fund will be taking a keen interest in how the funds are deployed. The allocation of a proportion of the New Homes Bonus will present both challenges and opportunities for LEPs working with District Councils.
The coming months will see LEPs rise to the challenge with a focus on delivery, visibility and accountability.
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