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The 鈥榤agic ingredient鈥�

Last week the Prime Minister gave a keynote speech where he set out a vision for this country鈥檚 infrastructure in the 21st century. He described new infrastructure as 鈥榯he magic ingredient鈥� to long-term economic success.

An additional 拢270 million is being made available through the growing places fund. Less than a week after the Budget this money is being allocated to local enterprise partnerships giving them and the market greater confidence to invest. This builds on the 拢500 million already allocated.

Growing Places Fund

The Growing Places Fund provides local areas with up-front and flexible funding so they can quickly boost economic growth by getting the required infrastructure built to build new homes, create jobs and get stalled projects moving again.

This includes:

• 拢12 million for Greater Manchester
• 拢11 million for Leeds City region
• 拢5 million for Hertfordshire
• 拢6 million for Lancashire
• almost 拢7 million for the Heart of the South West local enterprise partnership

Up to 拢150 million will be available for large-scale infrastructure projects in core cities. This money will be financed through a scheme known as 鈥榯ax increment financing type 2鈥�, which lets local authorities borrow against future growth in business rates for 25 years.

Further details on a competition for allocating funding will be announced in the spring.

Communities and Local Government Secretary Eric Pickles said:

鈥淲e know that new infrastructure is one of the most important ways to get the economy going again, support new homes and create long-term jobs and growth. That is why last week government made over 拢400 million more available to communities.

鈥淭he extra growing places fund money is available immediately so local enterprise partnerships can unlock sites for infrastructure development that support new homes and tax increment finance will give councils the means to raise their own finances over the longer term to back infrastructure projects themselves.鈥�

Transport Secretary Justine Greening said:

鈥淭ransport infrastructure projects are often the key to unlocking jobs and growth potential, where new link roads or junction improvements can be a catalyst for investment in new regeneration sites of homes and businesses that otherwise might not happen.

鈥淔eedback from the first round of our funding is that lots of projects are transport focused which is why I am delighted to provide 拢150 million from my department towards the additional 拢270 million for the Growing Places Fund.鈥�

Further information

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The Lancashire local enterprise partnership has approved its first 3 schemes to receive 拢7 million. These 3 schemes - Luneside East commercial development in Lancaster, Burnley Bridge business park, Edge Hill University expansion in Ormskirk - are ready to start work immediately, providing transport infrastructure and land remediation works creating 1,550 new jobs, with a further 拢95 million investment and creating 577 new homes.

Worcestershire local enterprise partnership has allocated 拢3.25 million of its growing places fund to 4 schemes which will create over 500 new jobs and lever in over 拢20 million of other investment. These schemes include Hoo Brook Link Road and groundwork and utilities infrastructure at Worcester University Park and mixed-use development around Worcestershire County Cricket ground.

The takes forward proposals designed to encourage local economic growth, reduce the financial deficit and drive decentralisation of control over local government finance. This includes allowing for authorities to retain in full the rates growth in designated tax increment financing (TIF2) and enterprise zone areas.

A first wave of city deals has already started with England鈥檚 8 largest cities outside London. These will give them the powers they need to attract private sector investment, create new jobs, and rebalance the economy. The cities are:

• Birmingham
• Bristol
• Leeds
• Liverpool
• Manchester
• Newcastle
• Nottingham
• Sheffield

The additional growing places funding comes from various central government department underspends. The government has written to local enterprise partnerships this week setting out the allocation for 2012 to 2013 and beyond as follows:

Local enterprise partnership	Additional allocation	Overall total
North Eastern Local Enterprise Partnership	拢 8,198,503	拢25,253,169
Sheffield City Region	拢6,027,853	拢18,574,935
Stoke and Staffordshire	拢3,721,421	拢11,462,668
Greater Birmingham and Solihull	拢7,283,524	拢22,494,722
Hertfordshire	拢5,246,729	拢16,236,239
Cumbria	拢2,162,498	拢6,667,772
Lancashire	拢6,286,494	拢19,378,944
Greater Manchester	拢12,099,215	拢37,358,032
Liverpool City Region	拢6,336,851	拢19,529,710
Cheshire and Warrington	拢4,257,719	拢13,159,667
York and North Yorkshire	拢3,043,369	拢9,373,951
Leeds City Region	拢11,739,899	拢36,225,183
Humber	拢2,844,599	拢8,762,240
Leicester and Leicestershire	拢4,343,040	拢13,405,370
Tees Valley	拢2,788,254	拢8,587,013
The Marches Enterprise Partnership - Shropshire and Herefordshire	拢2,659,812	拢8,190,847
Lincolnshire	拢3,185,269	拢9,801,076
Derby, Derbyshire, Nottingham and Nottinghamshire	拢8,538,103	拢26,344,104
Black Country	拢4,701,565	拢14,488,451
Worcestershire	拢1,791,486	拢5,518,972
Coventry and Warwickshire	拢4,144,786	拢12,816,184
South East Midlands	拢6,070,478	拢18,759,514
Northamptonshire	拢1,915,237	拢5,910,558
Buckinghamshire	拢2,029,024	拢6,276,294
Greater Cambridge & Greater Peterborough	拢5,214,464	拢16,118,213
New Anglia	拢5,912,036	拢18,200,892
South East	拢15,983,959	拢49,210,053
Coast to Capital	拢7,674,599	拢23,699,125
Enterprise M3	拢7,021,240	拢21,744,341
Solent	拢5,865,727	拢18,110,320
Oxfordshire	拢2,925,449	拢9,054,428
Thames Valley Berkshire	拢5,163,226	拢16,039,518
Gloucestershire	拢2,751,807	拢8,498,295
West of England	拢5,527,958	拢17,107,499
Swindon and Wiltshire	拢3,040,261	拢9,386,900
Dorset	拢3,126,241	拢9,639,201
Heart of the South West	拢6,978,179	拢21,488,660
Cornwall and the Isles of Scilly	拢2,072,352	拢6,365,681
Pan London	拢69,326,773	拢110,761,262
TOTAL*	拢270,000,000	拢730,000,000

*拢460 million of the original allocation went to local enterprise partnerships in England. The additional funding brings the total for England to 拢730 million. The remainder of the original allocation of 拢500 million was allocated to the devolved administrations.

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