This note looks at the creation of the Single Local Growth Fund and the process of allocating Growth Deal funding to Local Enterprise Partnerships.Jump to full report >>
The June 2013 Spending Review saw the Government ask Local Enterprise Partnerships (LEPs) to develop multi-year local Strategic Economic Plans, which would then be used for negotiations on ‘Growth Deals’ with the Government. These deals would see LEPs awarded funding from the Single Local Growth Fund, created in the 2013 Spending Review.
In March 2014, all 39 LEPs submitted Strategic Economic Plans. In July 2014, the government announced details of funding received by each LEP over the period 2015 - 2021. In January 2015, the government expanded the deals, with LEPs awarded a further £1 billion in total between 2016 and 2021.
The 2016 Budget included the announcement that up to £1.8 billion will be allocated to LEPs through a further round of Growth Deals in the course of 2016. As of March 2016, £7.3 billion worth of Growth Deal funding has been allocated to LEPs.
The 2016 Autumn Statement confirmed the government would award a third round of Growth Deal funding, worth £1.8 billion. Of this, £556 million will be awarded to LEPs in the North of England, £392 million to LEPs in the midlands, £151 million to LEPs in the east of England, £492 million to LEPs in London and the south east and £191 million to LEPs in the south west.
Growth Deals, like Local Enterprise Partnerships cover England only.
Commons Briefing papers SN07120
Author: Matthew Ward