Member Article

North West to receive £126.3 million boost to local economies

The North West will receive £126.3 million government funding to boost its local economies.

This is being divided up into £20.9 million for Cumbria’s Local Enterprise Partnership (LEP), £31.6 million for Liverpool’s LEP, £56.6 million for Greater Manchester’s LEP and £17.2 for Lancashire’s LEP.

This funding will lead to the creation of 29,000 jobs across the region, with 3,000 of those in Cumbria, 13,000 in Liverpool, 8,000 in Lancashire and 5,000 in Greater Manchester.

The funding deals will run from 2015-2021 and over its lifetime could potentially generate £680 million of public and private investment across the North West.

be created, 3000 new homes built and that it has the potential to generate £280m public and private investment.

The growth deals across the North West are part of a long term plan to devolve at least £12 billion from central government to local economies.

The plan aims for every part of the country to be a motor of growth for the national economy.

The Prime Minister said: “Giving local communities the power and the money to unlock growth and development and make the spending decisions that work for them is a key part of our long-term economic plan to secure a brighter future for Britain and ensure a recovery for all.

“And because the money will be in the control of a partnership of local community, business and civic leaders it means it will go on the things that really matter to people and businesses here.

“That is what Growth Deals are all about, backing local people and investing in the infrastructure, housing and skills that will drive forward local economies, create more jobs and opportunities for hardworking people and supercharge all parts of our country.”

The Deputy Prime Minister said: “The Coalition Government has been relentless in our efforts to sort out the public finances and set firm foundations for growth.

“Growth Deals help create a stronger economy and a fairer society by boosting local economies, and providing more jobs, better transport and affordable homes.”

This was posted in Bdaily's Members' News section by Sophia Taha .