LEP Investment in Norfolk and Suffolk
As can be seen on the infogrpahic below, Norfolk and Suffolk have secured sizeable Government funding to boost the regions skills, improve transport and infrastructure, drive innovation and target support to help small businesses grow.
A total of £12bn has been set aside to revitalise local economies between 2015 and 2021. In July 2014 the Government announced £6bn of funding and New Anglia LEP was awarded £173m, inlicfuing £81.8m of New Government funding and £91.5 of previously announced transport funding. In January 2015, New Anglia LEP was awarded a further £48/5m to be spent in the region to 2021.
Projects already funded by New Anglia LEP include new construction training centre at Easton and Otley College. The Facility, which has just celebrated its first anniversary, was the first Growth Deal projct to be completed nationally. The world-first International Aviation Academy – Norwich, which will deliver training in all aspects of aviation, engineering, and A successful Growing Business Fund. This flagship fund awards grats between £5,000 and £500,00 to businesses that want to grow and create new jobs. £16 million in grants has been awarded to more than 320 businesses, forecasted to create more than 2,200 jobs in and secure £76m in private investment.
Now a further £69.06m is to be spent in the region to 2021.
This latest award of ‘Local Growth Funding’ is on top of the £221.8 million of Growth Deals funding already awarded to New Anglia LEP. This total investment could see 54,750 jobs created, 6,800 homes built and attract £628 million extra investment over the lifetime of these deals.
This Growth Deal funding has been allocated to a number of innovative projects including:
- £10m for Norwich Northern Distributor Road to help fund the work to build 20km dual carriageway road from A47 at Postwick, east of Norwich, to the A1067 north of Taverham.
- £10m for Lowestoft flood alleviation works, investing in a series of engineering works to alleviate the risk of coastal erosion and flooding. This innovative scheme will invest in risk-reducing infrastructure to help the area become highly attractive for new business.
- £12m to establish an Enterprise Zone Accelerator Fund. Following the success of the Great Yarmouth and Lowestoft Entrprise Zone, the Accelerator Fund will deliver ambitious plans to create new jobs for sites across Norfolk and Suffolk, tappinginto our world class expertise in food and health research, our all-energy coastline and cutting-edge digital and ICT sectors. The new programme will accelerate development by investing in new buldings and infrastructure, access and utlitity works to attract investment and drive growth.
- £15m to establish an Innovation and Productivity Fund providing capital investment to create smarter, more agile businesses and deliver more knowledge-intensive jobs. This will deliver a range of business solutions including the use of technology and research to increaseproductivity and staff efficiency and training.
- £22m for New Anlgia’s Capital Growth Programme to invest in projects to unlock additional growth around connectivity unlocking growth and investment skills.
Mark Pendlington, chairman for New Anglia LEP, said: “this award recognises what we have achieved so far in creating new jobs, building new businesses and winning new investment. We have a proven track record for securing Government investment. We have already unlocked over £208million of private sector investment, with much more to come.
“The East really is one the the best places in the work to live, work and learn Our strengths make us uniquely placed to deliver our ambitions of powering the world with world-leading agricultural research and connecting the worlf with international research and innovation technology. All supported by our outstanding network of universities and colleges that nurture the talent of businesses need, which provide the jobs and careers of the future.”