Boost for regional economies as LEP Network pitches £30bn ‘Recovery and Rebuild Deal’ to government
A multi-billion pound strategy to support economic recovery across the country has been put forward to the government.
The Local Enterprise Partnership Network (LEP Network) is proposing a £30bn ‘Recovery and Rebuild Deal’ with the government to support economic recovery across its regions.
Outlined in the LEP Network’s submission to the Chancellor’s Comprehensive Spending Review, the deal is part of a business-led local recovery plan.
The deal sets out how LEPs can help to unlock £30bn of private sector leverage over a five-year period, as well as secure a return on investment of around £100bn in additional economic benefit.
In return, the government would agree a three year core-funding settlement of £120m across all LEPs, and a three year government investment across business support and skills of £7.5bn.
LEP proposals include an initial four year settlement of £20bn, incorporating the Shared Prosperity Fund (UKSPF) and replacing previous capital investment strands, including the Local Growth Fund.
If agreed, individual LEP investments would be negotiated against a set of local outcome targets, with delivery reported through the government’s mid-year and annual reviews of LEPs.
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