Local MPs, Justin Tomlinson and Robert Buckland, have welcomed the announcement of additional funding to support businesses and infrastructure across Swindon – helping to create jobs and support businesses.
Swindon and Wiltshire the Local Enterprise Partnership (LEP) has been allocated an additional £11.5million. This brings the total allocation of Growth Deal funding to £140.8million. New investment in projects such as a new bus interchange in Swindon town centre and the development of Kimmerfields, will provide further support for local businesses across Swindon.
In December 2014, the Government announced it would be awarding a further £1 billion of the Local Growth Fund. Today’s announcement sets out what Local Enterprise Partnerships intend to deliver with their additional allocation. As part of the process for agreeing the expansions to the Growth Deals plans for using this funding were assessed according to their ambition and rationale, value for money and deliverability. Growth Deal discussions for future years will continue.
The first £6 billion of local projects was agreed to in the first wave of Growth Deals last July. This included the complete allocation of £2 billion from the Local Growth Fund for 2015-16. As part of the Growth Deals money from the Local Growth Fund will go directly to Local Enterprise Partnerships across England, supporting local businesses to train young people, create thousands of new jobs, build thousands of new homes and start hundreds of infrastructure projects; including transport improvements and superfast broadband networks.
LEPs have control of the money – so the local area gets the greatest possible benefit. As the money goes directly to the LEPs, they will be able to spend it on local priorities so the area gets maximum benefit from the new money. LEPs are partnerships between businesses and local authorities which decide what local investment is needed to help businesses in the area grow and create jobs. These can be things like investment in local roads projects, new housing, or other new infrastructure and buildings. At least £12 billion will be invested in local economies under Growth Deals by 2020/21.
Justin Tomlinson MP said: This £11.5million of extra funding is fantastic news for local people in Swindon. Crucially, decisions on how this money is spent are being made by local people who are best placed to ensure it makes a real difference. This Growth Deal is a key part of our long-term economic plan to secure a better future the hardworking people in Swindon."
Robert Buckland MP said: "This funding will help local businesses create the jobs we need so more hardworking families can have the security of a regular pay packet, and will help equip our young people with the skills they need to get on in life. The additional funding means that we can go even further with our town centre regeneration."
Business Minister, Greg Clark MP, said: "For Britain to fulfil its potential every part of the country must be an engine of growth. Our successful programme of City Deals and Growth Deals have put local people in the driving seat as the local economy powers ahead. This billion-pound expansion of Growth Deals fuels the momentum that is now underway in our local economies."
