£1.8Bn cash boost to help create local jobs, homes and growth

Multi-million pound cash boost to create local jobs and growth in London, the South East and East of England.

A total of £492M has been announced by Communities Secretary Sajid Javid, from the Local Growth Fund to help create jobs, support businesses and encourage growth.

This investment could see 237,000 jobs created, 119,000 homes built and attract over £4.7Bn investment. It comes on top of the £2.2Bn of growth funding already awarded.

Communities Secretary Sajid Javid said: “As part of efforts to deliver an economy that works for everyone, the government is equipping local people with the resources they need to boost growth in their area.

“This new money will give businesses across the region the support and opportunities they need to achieve their potential. This is on top of the £2.2 billion we have already awarded.

Minister for London Gavin Barwell said: “London is recognised the world over as an economic powerhouse and we’re determined to see it go from strength-to-strength.

“Today’s £141M funding for the capital will help deliver as many as 5,400 homes over the next 5 years, support projects to improve the environment at the heart of the city and help young Londoners learn a wide range of new skills.

Local Growth Minister Andrew Percy said: “From Brighton to the Norfolk Broads today’s investment will support the delivery of new homes and jobs right across the South East and East of England.

“These growth deals are a crucial part of our efforts to create an economy that works for everyone, and will ensure every region of the country has the chance to realise its full potential.”

The Local Growth Fund provides local leaders with the cash they need to support locally determined projects. Under the fund, England’s 38 local enterprise partnerships, which are made up of council leaders and business representatives, bid for investments based on local priorities.

A total of £7.3Bn of the £12Bn Local Growth Fund has been allocated to more than 900 projects that will help built vital infrastructure, improve skills and create thousands of jobs. The remainder of the funding has been invested in projects such as improving transport networks and building new homes.

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