August 29 2014 Latest news:
by JOSEPH WATTS, Politcal editor
Tuesday, September 18, 2012
Business and council leaders in East Anglia will be given hundreds of thousands of pounds to boost economic growth in the next three years.
After 2010 leading figures from local authorities and the private sector in Norfolk and Suffolk got together to form the New Anglia Local Enterprise Partnership (LEP).
Meanwhile similar bodies were set up across the country, each tasked with finding ways to nurture new business in their areas.
Yesterday ministers announced a £24m package of funding for LEPs across the country, with each due to get £124,000 this year.
Chair of the New Anglia LEP Andy Wood said: “I’m pleased the government has decided to support LEPs like this.
“During the first year of operation right across the LEP network we have not always had the resources, the personnel, to deliver the projects that we would like to and this core funding will go a long way to alleviating that.
“LEPs are private sector led with the aim of creating jobs and economic growth. This funding will ensure the New Anglia LEP will be able to work still more effectively with its partners to achieve its aims.”
Meanwhile in each of the next three years every LEP will be able to draw up to £250,000 a year to support enterprise and growth in its area.
The money will be handed to the LEPs as long as they can lever in match-funding from the public or private sector in their area.
Business and Enterprise Minister Michael Fallon said: “It is crucial we arm local enterprise partnerships with the tools and resources they need to play a prominent role in delivering growth and jobs for their communities.
“This funding will help LEPs plan for the long term and ensure they can remain locally-led instead of dependent on central government support.”
A Norwich-based business which started as a “man with a van” operation is eyeing further expansion after seeing its predicted turnover increase from £6,000 to £340,000 within five years.