Government gives £13m boost to regional economyNov 29, 2011
Decisions on how and on what projects in the region the money will be spent on will be decided over the coming months with the first projects set to begin in the spring.
SEMLEP is one of the biggest economic partnerships in the country and has been allocated government money designed to boost the region’s infrastructure. The partnership covers North Buckinghamshire, Bedfordshire and parts of Northamptonshire, Oxfordshire and Hertfordshire.
Milton Keynes Council leader Cllr Andrew Geary (pictured) said: "This is excellent news for the SEMLEP region which means it is excellent news for Milton Keynes. As was always intended for Milton Keynes, we have grown to become the region’s economic heart and we will benefit from how this funding is invested right across the area, as well from as any borough-specific projects."
SEMLEP chair Dr Ann Limb said: "Milton Keynes is one of the four key urban centres of the South East Midlands and critical to the success of the area as a whole."
Chief executives and economic development officers representing SEMLEP have all agreed key criteria to make sure each project is judged on its merits and that each will benefit the region as a whole.
Each project will need to fulfil the Fund’s three overriding objectives set out by government:
- To generate economic activity in the short term by addressing immediate infrastructure and site constraints and promote the delivery of jobs and housing;
- To allow Local Enterprise Partnerships to prioritise the infrastructure they need, empowering them to deliver their economic strategies;
- To establish sustainable revolving funds so that funding can be reinvested to unlock further development, and leverage private investment.