Government Gives £141.28m Cash Boost to the LEAP

02 February 2017

Today Communities Secretary Sajid Javid announced a £140m funding allocation to LEAP to invest into the Capital’s regeneration projects and help create jobs, support businesses and encourage growth.

Mr Javid made the announcement at a project funded by London’s Local Enterprise Partnership that supports affordable work spaces for artists and creative entrepreneurs in refurbished railway arches in Elephant and Castle, South London.

Over the course of the next four years LEAP will be supporting London’s high streets and places of work, proposals to unlock housing sites for small builders and community-led housing groups, and an air quality improvement project.

This latest award of ‘Local Growth Funding’ is on top of £294 million of previous Growth Deals funding. This total investment could see 8,000 jobs created or safeguarded, 5,400 homes unlocked, and attract £352.4 million extra investment over the next 5 years.

Communities Secretary Sajid Javid said: “As part of efforts to deliver an economy that works for everyone, the Government is devolving powers and resources directly from Whitehall to local people who know their areas best.

“That is why we’re giving £141 million of new money to London to give businesses the support and opportunities they need to achieve their potential.  This is on top of the £294 million we have already awarded.

“Today I have seen for myself what this investment can bring, giving our entrepreneurs a head start with this creative enterprise hub in the heart of South London.”

The Mayor of London Sadiq Khan who is the chair of the recently appoint LEAP Board said:“This funding will help us tear down some of the barriers that are holding back economic growth in the capital, and make our city more competitive. We must address the skills shortage that is holding back growth and this funding will help us to deliver that through our Skills for Londoners Capital Fund. We will also use part of these funds to create the conditions for small businesses to flourish in London.”

The £12 billion Local Growth Fund supports 38 Local Enterprise Partnerships in England to invest in locally determined projects.

Out of the of the £12 billion Local Growth Fund £7.3 billion has already been allocated to more than 900 projects across England – helping to build vital infrastructure, improve skills and create thousands of jobs.

Bids are highly competitive and to be successful, Local Enterprise Partnerships need to work with partners to agree strong and accountable governance and put forward proposals that boost growth and bring in private sector funding.