Brexit: The crucial role Local Enterprise Partnerships need to play

Despite ongoing fears surrounding Brexit, along with the recent announcement that Prime Minister Theresa May will officially trigger Article 50 on Wednesday 29th March, I believe that the role of Local Enterprise Partnerships (LEPs) is as crucial as ever.

Whether it’s driving business growth, attracting investment, allocating funding, creating new job opportunities, working with the government or supporting community projects, the UK’s 39 LEPs can act as an anchor for local economies whilst the process of leaving the EU gets underway.

Ever since I became the Yorkshire editor at Bdaily, I have covered in depth the significant impact LEPs have had on regional matters, mainly the benefits they provide to a wide range of businesses in all sectors.

In my opinion, the blueprint for successful LEP can be seen in how the Leeds City Region (LCR) operates. Therefore, I have chosen to take an analytical view of three recent Leeds City Region Enterprise Partnership announcements to show why businesses and organisations should have confidence in the region’s future, even in these uncertain times.

Leeds City Region Enterprise Partnership

The Leeds City Region (LCR) is home to around three million people, and includes ten local authority areas of Barnsley, Bradford, Calderdale, Craven, Harrogate, Kirklees, Leeds, Selby, Wakefield and York. As the UK’s largest city region outside of London, the LCR boasts a very strong economy with over 109,000 companies generating 5% of England’s total economic output of £60.5bn.

Firstly, at the beginning of March it was announced that rural businesses within these authorities will now have access to over £3m in European funds to improve tourism in Leeds City Region. The funding is available to businesses, such as farms and farm shops, landowners, and charities, to invest in infrastructure that will boost tourism.

Grants from £35k are available where investment in capital assets will increase the number of visitors, increase the length of stay and/or increase the amount of money spent in the City Region. Funding opportunities such as these demonstrate how the LCR is helping boost the region’s tourism sector as a whole and SMEs within this sector, whilst creating new jobs and investment opportunities.

Furthermore, this month also saw the largest ever delegation from Leeds City Region attend the MIPIM global investment and property forum. A group of 100 business and government leaders from the LCR used the event to showcase the scale of investment opportunity available in the region to international investors, developers and occupiers.

Among the other attendees are a wide range of sponsors, including Addleshaw Goddard, Arcadis, Architecture519, Arup, Aql, Bruntwood, Caddick, CEG, Citu, DLA Architects, Extra MSA, GVA, Harworth Estates, Heeton Holdings, Keepmoat, Leeds Braford Airport, MEPC, Munroe K, Muse, NJL Consulting, Quod, Shulmans, TCS and Turner and Townsend.

Finally, a few weeks ago a new report published by real estate adviser GVA stated that the Leeds City Region has a ‘window of opportunity’ to establish itself as one of the world’s most competitive locations for trade and investment.

The report identified several key drivers for growth for the City Region, including transport infrastructure, such as the HS2, York Central Station and new train stations at White Rose Office Park, Thorpe Park and Leeds Bradford International Airport Parkway.

In addition, GVA also highlighted the region’s economy and skills; city centre regeneration and out-of-town investment opportunities; and the continuing strength of its commercial property market.

Analysis

With the evidence I presented above, it is clear to me that the Leeds City Region Enterprise Partnership is continually working towards making the region a prosperous location to live and work.

Along with attracting global investors and occupiers, the LCR’s mix of towns and cities also show that the region is a solid place for Yorkshire SMEs and local businesses to thrive. And as the LCR contributes more to the national economy than any other northern region, the region is also leading the way in helping the government realise its ambitions for the Northern Powerhouse.

These are just some of the reasons why business confidence is high in the LCR, and as the success of the Leeds City Region Enterprise Partnership continues, this won’t change anytime soon despite the uncertain political times that lay ahead for the UK.