Growth Deals are a £12 billion national long-term programme to revitalise local economies. The deals are an exemplar approach of the British economy being rebuilt from the bottom up, and sharing the benefits of the recovery around the country.
The Local Growth Fund is the Government’s funding pot of at least £2bn a year from 2015/16 to 2020/21. Most of the funding is allocated through a competitive process, there are have been three rounds of Local Growth Funds between 2014 and 2017 which funds projects which will deliver up to 2021.
Through Growth Deals, Local Enterprise Partnerships can seek freedoms, flexibilities and influence over resources from Government, and a share of the Local Growth Fund to target their identified growth priorities. This includes putting forward activity and projects led by partners as part of a package bid.
Government announced a further round of Growth Deals with LEPs at the Budget in March 2016, Growth Deal 2.
Our third Growth Deal was announced in February 2017.
In total the SELEP Growth Deal with Government bring almost £590.8m of investment to East Sussex, Essex, Kent, Medway, Southend and Thurrock. Over the lifetime of the Deal (2015-2021) we aim to deliver 78,000 jobs and 29,000 homes.
The deal and brings new responsibilities and flexibilities and is set to attract a further £960 million extra investment into the South East over the five years.