LEP brings an extra £1.4 billion and 3,200 jobs to our region
Partnership working through the Leeds City Region Enterprise Partnership (LEP) over the past four years has added an extra £1.4 billion to the annual economic output of our region and helped create an additional 3,200 jobs for local people.
And the impact in Kirklees has resulted in millions of pounds of investment for the area. So far, benefits include:
- kick-started building work on Kirklees College’s National Process Manufacturing Training Centre with over £3 million Growth Deal investment. Project will create 440 new apprenticeships and 26 new jobs, and will enable the College to train 800 additional new learners over a period of four years.
- unlocked over £24m of private sector investment through £3.8m LEP grant investment, supporting 60 SMEs to create a total of 500 jobs in Kirklees.
- brought forward the development of the Huddersfield University Incubation and Innovation Centre through £2.9m Growth Deal investment, giving SMEs in the advanced manufacturing sector access to state-of-the-art equipment and high-level skills so that they can innovate and grow
- provided access to a £1.4bn transport fund to upgrade local transport infrastructure, improve connections for commuters to Leeds and other key regional and national employment centres. Projects such as Cooper Bridge could go ahead as a result (subject to appraisal), improving transport links between Huddersfield, Dewsbury, Leeds and surrounding areas.
- provided funding to employ two SME Growth Managers in Kirklees district, giving intensive support to help 50 Kirklees SMEs grow by March 2016.
Across the Leeds City Region, 4,300 businesses have benefitted from LEP finance and support, and this combined activity has unlocked around £491 million of private sector investment in the region. For every £1 of taxpayers’ money secured by the LEP, some £10 in economic output has been generated in line with the ambitions in the LEP’s overall Strategic Economic Plan.
All of this was achieved with comparatively modest levels of government investment, before the LEP received the funding secured through the £1 billion Growth Deal it agreed with Government in July 2014. As a result of this Growth Deal investment, the LEP and its partners are expected to create an additional 20,600 jobs and add an extra £2.1 billion a year to the City Region economy by 2031, above and beyond current projected growth.
The achievements of the LEP and its partners over the past four years are detailed in its first impact report, published today.
Cllr Peter McBride, our cabinet member for Investment and Regeneration, said:
The successes highlighted in this report illustrate what can be achieved by this close partnership-working between the public and private sectors.
I want us to build on this now. If we are successful with devolution, with additional decision making powers on skills and investment, we can have a massive impact, providing better value for the money we receive at a faster pace. We are ambitious and I want us to continue with the work to deliver further success across the region in the future.”
Roger Marsh OBE, Chair of the LEP said:
Our impact report demonstrates how effective partnership working between the public and private sectors is making a real difference to the Leeds City Region economy, people’s lives and businesses. However, for me this is not job done but job well begun.
We have set ourselves an ambitious goal of unlocking extraordinary, sustained growth that benefits everyone who lives and works in our City Region, ultimately making the region an overall contributor to northern and national prosperity. Our achievements so far give us a firm foundation upon which to build a more prosperous future for our residents and businesses – but this is a 20-year job, not a 20-minute job.
We have shown what we can deliver with relatively modest resources. Now, as a result of our Growth Deal, EU funding and other public and private sector investment we’ve brought into the region, we have the resources to deliver our ambitious vision for growth at a scale unprecedented in 10 years of economic partnership working. I look forward to continuing working with the West Yorkshire Combined Authority, local councils and with Government to ensure the Leeds City Region fulfils its enormous potential as an economic powerhouse in its own right.”
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