Thames Valley LEP invests £17million in business growth

AN AGENCY that helps grow local businesses is celebrating a successful year that saw it invest £17 million in a range of projects.

The Thames Valley Berkshire LEP revealed the figures as it unveiled its new Impact Report earlier this week.

Marking the end of the second year of the Thames Valley Berkshire Growth Deal, the report sets out how the fund has been used to develop some highgrowth businesses.

During the year 2016/17, the LEP has seen an investment of Local Growth Funds nearing £17m, an investment of over £7.5m EU Structural & Investment Fund.

And the LEP said that the government’s decision to award it the full capital grant for the third year of its Growth Deal is “hugely encouraging” news that demonstrates the value placed on Berkshire as the UK’s most productive sub-region.

Dr Phillip Lee, MP for Bracknell, (pictured) said: “The latest Impact Report highlights the vital role of the LEP in supporting economic growth throughout Berkshire.

“By 2021, the LEP aims to have implemented the Strategic Economic Plan for the area, which will see the creation of up to 33,000 jobs and 23,485 new homes, as well as investment into exciting high-growth businesses through its award-winning SME

Funding Escalator, Business Growth Hub and support programme for Scale-Up businesses.”

Dr Lee said that he also welcomed the LEP’s focus on enhanced connectivity and digital infrastructure.

“This enables people and ideas to move more freely throughout the area,” he said.

“Thames Valley Berkshire is already the UK’s most productive sub-region and is recognised as one of Europe’s strongest knowledge economies.

“Addressing skills gaps, particularly in STEM related careers, and ensuring that economic potential is not restricted by the labour supply, is crucial to increasing this productivity further, and I am delighted to see that the LEP has and will continue to invest in this area.”