Funding available for infrastructure projects as new economic strategy is launched
A funding call for infrastructure projects has been announced to mark the launch of the new Economic Strategy for Norfolk and Suffolk.
The strategy, which has been developed over the last nine months by local authorities and business groups led by New Anglia Local Enterprise Partnership (LEP), was formally approved by the LEP’s board at its meeting on Wednesday 25th October.
The Economic Strategy for Norfolk and Suffolk sets ambitious targets for the area, including growing our economy by £17.5billion in real terms by 2036, creating 88,000 new jobs and 30,000 successful new businesses.
Now to help deliver the ambitions set out in the new strategy, the LEP has made £9million available for capital infrastructure investments.
To bid for funding in this latest round, projects must contribute to delivering the priority themes of the Economic Strategy:
- Our offer to the world
- Driving business growth and productivity
- Driving inclusions and skills
- Collaborating to grow
- Competitive clusters close to global centres
Priority will be given to projects which have a well-developed outline business case, are realistic and achievable and can demonstrate flexibility in delivery. All projects funded through this call should be completed by 31 March 2019.
Chris Starkie, Managing Director of New Anglia LEP, said: “Launching this call for projects gives us the opportunity to start working towards the ambitions set out in the new strategy. We’re keen to hear about projects which will improve connectivity, unlock growth and help to deliver higher level skills across the region.”
Expressions of interest must be submitted by 30 November. Submissions will then be reviewed by the LEP and appraised in accordance with the Treasury’s Green Book principles of viability, value for money, achievability, affordability and need.
The funding is from the New Anglia LEP Growth Deal. This is a deal with Government to support key capital investments that deliver jobs and economic growth. The LEP’s Growth Deal is currently valued at £221million to be delivered between 2015 and 2021. In addition, New Anglia LEP has successfully bid for and been allocated a further £69million of Local Growth Funding for the period 2017-2021.
What happens next with the Economic Strategy for Norfolk and Suffolk?
Work on implementation plans for the strategy, involving public and private sector partners, has already started. Business consultation events will take place early in the new year and implementation plans will be in place by 1 April 2018.
For full details about the call for projects and how to submit an expression of interest, visit www.newanglia.co.uk
To view the Economic Strategy for Norfolk and Suffolk, visit http://www.newanglia.co.uk/developing-new-economic-strategy/
The Economic Strategy for Norfolk and Suffolk outlines clear ambitions for our region – all to 2036:
- To grow the economy by 17.5billion in real terms
- To create 88,000 new jobs
- To create 30,000 new businesses
- To build 140,000 new homes
- To have a higher proportion of people engaged in the labour market than across the UK
- To reach GVA per hour of £39
- 66% of the population to be qualified to NVQ level three or above
- Increase median wages by £200 more per week