More than £47m of the Local Growth Fund has been awarded to projects across the Greater Birmingham region, which will help to build 10,000 new homes and unlock 5.4m sq ft of commercial floorspace, said the Greater Birmingham & Solihull Local Enterprise Partnership at its annual general meeting at Birmingham’s Town Hall this morning.
The LEP also announced that over the next 12 months a further £49m has been allocated to support initiatives that bring forward new housing and commercial developments, as well as boost skills. This includes £9m to unlock small pockets of land for the development of housing across the LEP region. In addition, the LEP has also provided £2.4m for the Friarsgate development in Lichfield city centre.
The funding forms part of GBSLEP’s £379m Growth Deal announced in 2014. The GBSLEP was one of the few LEPs in the country to spend its total allocation for 2015/16.
Also revealed at this morning’s meeting was the appointment of Chris Loughran as deputy chair for delivery for the GBSLEP. The vice chairman of Deloitte will play a major role in the allocation of the Local Growth Fund.
The Local Growth Fund was established by central government to support projects that boost jobs, skills, housing and commercial space. The GBSLEP approves funding for projects and oversees the full programme of activity, with Birmingham City Council acting as accountable body.
Commenting on today’s announcements, Andy Street, chair of GBSLEP, said: “We are at a pivotal point in the delivery of real economic change across the region. The results of our strategy are now being felt on the ground with Local Growth Fund investments progressing across our geography – from Solihull and East Staffordshire, to Cannock Chase and Birmingham.
“Backing these projects shows how the collaboration between the public, private and education sector can drive productivity and increase skills and employment across the region.
“Having Chris on board is a key appointment for us – his ability to drive value and results from the Local Growth Fund will be crucial in demonstrating significant change across the Greater Birmingham & Solihull LEP.
Street said that the spotlight was now on the LEP to make the most of the Growth Deal. He added: “If we don’t, further funding will not be forthcoming in the next round of the Local Growth Fund allocations.”
The AGM today also heard how major investments, such as HS2, the extension of the city centre enterprise zone, as well as the move to devolve political powers to the West Midlands Combined Authority, are an important indication of the level of confidence central government has in region.
• To send feedback e-mail lisa.pilkington@estatesgazette.com or tweet @eglisap or @estatesgazette
