Group bids for £144 million to fund growth

A PARTNERSHIP of local authorities and businesses in Leicestershire has submitted a bid for £144 million of economic growth money from a government pot.

The Leicester and Leicestershire Enterprise Partnership hopes to scoop the money from the £1.8 billion Local Growth Fund for a number of projects in the county.

If successful, the LLEP says the funds will create more than 13,000 jobs and boost the local economy by £250 million by 2025.

Its proposals include investing in a number of transport schemes in “Hinckley Zone Four” to support the delivery of Barwell and Earl Shilton SUEs, which will provide 2,500 new homes across the two sites.

Another proposal is to upgrade the A47 and B582 which form the Desford Crossroads to support growth in south west Leicestershire.

The latest application is the third round of bidding and since growth deals were first announced in July 2014, the LLEP has secured more than £100 million in funding for projects running until 2021.

Nick Pulley, chair of the LLEP, said: “The outcomes of our third growth deal bid will be announced in the Autumn statement and it’s unlikely we will receive the full allocation we have bid for.

“However, our proposal has been developed through a robust process that is open, transparent and evidence-based and we are confident the proposal ensures that prosperity, growth and opportunity are distributed evenly across our city and county, supporting our urban and rural economies.”

Other proposed projects include supporting plans for a Logistics Institute of Technology at Magna Park, in Lutterworth.