Communities whose
ambitions for economic growth have been stuck in the mud could
benefit from a multi-million pound boost to help get their
building projects off the ground.
The £500million Growing Places Fund will be available to help
boost economic growth by getting the required infrastructure built
to enable the creation of new jobs and homes by getting stalled
projects moving again.
The Fund will put local businesses and organisations in the
driving seat, with the 38 local enterprise partnerships able to
apply for the funding and then take decisions about what to
prioritise locally.
Councils will support these plans with their technical and
financial expertise – leaving local enterprise partnerships free
of red tape and better able to focus their attentions on ensuring
the funds go to where they will be used most effectively.
And to ensure work can start straight away to help get Britain
building again, all £500million will be allocated from the end of January.
The Growing Places Fund can be used to establish revolving funds
to take forward a range of projects that can help facilitate
economic growth, jobs and housebuilding in the local area,
providing returns which can be re-invested locally. Through this,
local enterprise partnerships will be able to offer secure funding
to developers in their area, making it quicker for projects to get
off the ground but also securing a return on that investment for
the local area.
Types of projects could include:
Early development of strategic link roads and access works to
unlock major mixed-use developments, enabling the delivery of
homes and commercial space – leading to the creation of jobs and
securing private investment;Provision of flood storage capacity to
enable development of homes, employment space and retail space;
andWorks to improve local connectivity and reduce congestion
through interventions such as extending dual carriageways,
enabling developments to be taken forward sustainably.
And today, Ministers have published indicative allocations of the
£500m Growing Places Fund to each of the 38 local enterprise
partnerships, including:
£12.9million for the Liverpool City Region£23.9million for the
Leeds City Region£17.4million for the Local Enterprise Partnership
covering Derby, Derbyshire, Nottingham and
Nottinghamshire£14.9million for Birmingham and Solihull;Nearly
£40million for London; and£14.2 million for the Heart of the South
West Local Enterprise Partnership
Communities Secretary Eric Pickles said:
“The £500million Growing Places Fund will unlock much-needed
local infrastructure and get the homes we need built. It will be
local enterprise partnerships, made up of the people and
businesses who know their local areas best, who will decide where
this cash boost will be spent.
“I now want to see these partnerships coming together and finding
innovative ways to unlock local sites and help get Britain
building again.”
Transport Secretary Justine Greening said:
“Transport is key to unlocking growth.
“The Growing Places fund will let communities provide the
transport links that get people and businesses from A to B.
“This will be crucial in building the balanced and dynamic
economy that is essential for our future prosperity.”
Chief Secretary to the Treasury Danny Alexander said:
“The half a billion pound Growing Places fund will kick start
local developments across the country.
“This is a flexible fix-it fund that will make a real difference
on the ground, improving the lives of local residents and boosting
the local economy. From building strategic link roads to reducing
congestion, the investment will set businesses free and create
jobs.”
Notes to Editors
1. Details of how to apply for a share of the
£500million Growing Places Fund can be found at: http://www.communities.gov.uk/publications/regeneration/growingplacesfund
2. Below is a table of the provisional allocations of funding to
the local enterprise partnerships – local enterprise partnerships
will now submit proposals for their allocations, outlining how
they plan to use the funding on local infrastructure projects.
To view the table that accompanies this release, please follow
the link
below;https://nds.coi.gov.uk/ImageLibrary/DownloadMedia.ashx?MediaDetailsID=4660
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