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Thames Valley Berkshire LEP (TVB-LEP) have secured £7.5 million for infrastructure projects

11:12 13 July in Berkshire, News

The Government tasked Local Enterprise Partnerships (LEPs) to submit bids for funding of ‘ready to go’ projects to boost local economies as part of the response to Covid-19 and economic recovery.

TVB-LEP collaborated with the six Berkshire local authorities and other stakeholders in order to accelerate existing projects which met the required criteria. The LEP submitted an ambitious proposal of up to £45 million for 27 such infrastructure projects in Berkshire that could be completed by January 2022.

As a result TVB-LEP has secured an allocation of £7.5m from the Government’s £900m Getting Building Fund.

“The investment from Government is welcome and the LEP was both vigorous in its pursuit of funding and effective in its targeted use of this money to maximise benefit to the local economy. Thames Valley Berkshire contributes  £42.5 billion to the UK’s GVA, the largest economic output of any LEP outside of London, so whilst we shall always welcome a greater allocation of funds we are determined to maximise the impact of this further contribution to the area’s recovery. I am delighted to announce that in June we secured local approval to proceed with seven infrastructure projects worth £7.4m and later in July we aim to approve another five projects worth just under £5m.”

Alison Webster, Chief Executive, TVB-LEP

 

In the aftermath of Covid-19, and looking towards a programme of economic recovery the LEP is revisiting its Local Industrial Strategy to ensure that it meets future local needs. It will reflect the new realities, and steer the economy towards the Government’s medium and longer term objectives for a restructured economy driven by sustainable outcomes.

Read more, HERE.