The Chancellor confirmed in the Budget yesterday that he accepted certain recommendations to fund regional growth by Lord Heseltine made in his report titled 'No Stone Unturned'.
Originally published last November, the report advocates the devolving of powers and funding to the regions through the Local Enterprise Partnerships.
According to statements made in the Budget, Funding will be allocated to those LEPs, which put forward compelling proposals on how investment in their schemes will lead to economic growth. It aims to encourage organisations within the region to work closely with their LEP to ensure the widest benefit within the local area and remove barriers to private sector investment.
Although no figures have yet been released, the Single Local Growth Fund will be operational by April 2015, with the Chancellor promising further detail will be set out at the 2015-16 Spending Round. LEPs have already welcomed the decision.
Mike Palin, executive director for strategic economic development at the Liverpool City Region LEP, said the area would work hard to showcase the opportunities it has in growth-potential areas including low carbon, super-port and tourism: “The Budget has given LEPs a clear cue. Our task now is to create a compelling case for allocations from the Single Local Growth Fund. To do this we must continue to bring together local leaders and local businesses to present a clear and credible case for the city region, leading economic growth through collective action.