Chamber greets £47m LEP funding as ‘tremendous vote of confidence’

Business leaders welcomed the £47 million award of Local Growth Fund money to projects across the West Midlands – creating 32,000 jobs and paving the way for 10,000 new homes. Greater Birmingham Chambers of Commerce Chief Executive Paul Faulkner (pictured) hailed the announcement by the Greater Birmingham and Solihull Local Enterprise Partnership as a ‘tremendous vote of confidence in the regional economy.’

The funding will also unlock 500,000 sq metres of commercial floor space, the Greater Birmingham & Solihull Local Enterprise Partnership (GBSLEP) revealed at its annual meeting today.

The cash formed 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.

Mr Faulkner, who was one of the high-profile speakers at today’s AGM, said: “This is clear confirmation that the Local Growth Fund initiative, administered by the LEP, is a vital element in providing a sustainable and ultimately prosperous economy for the region.

“This award of £47 million will create 32,000 jobs at a time when there are still many challenges facing the economy, with considerable uncertainties domestically and globally. “And it is fantastic news that it will help provide 10,000 new homes in the region when there is so much demand for new housing across the nation.

“I believe this demonstrates beyond doubt that the LEP can help drive the regional economy by playing a key role in an initiative such as the Local Growth Fund.”

So far a total of 33 projects have been awarded funds, ranging from £210,000 to South and City College for training facilities for trainee electricians, mechanics and engineers, to £3.15 million to support the £15 million Midland Metro Catenary-Free project.

The Midland Metro project will see Birmingham become the first city in the UK to use cutting-edge battery technology, removing the need to have attached overhead power lines to historic buildings for trams.

The Local Growth Fund was established by Central Government to support projects which boost jobs, skills, housing and commercial floor space. The GBSLEP approves funding for projects and oversees the full programme of activity, with Birmingham City Council acting as accountable body.

Also revealed at the AGM was the appointment of Chris Loughran as Deputy Chair for Delivery for the Greater Birmingham & Solihull LEP. The Vice Chairman of Deloitte, and a former leader of his firm’s Midlands practice, he will play a major role in the allocation of the Local Growth Fund.