VIDEO: More than £1.6bn injected into economy in LEP’s first decade

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  • £302.5m has been invested into the region’s economy
  • £1.3bn of match funding has been generated
  • Investments have helped to safeguard and create more than 15,300 jobs
  • More than 15,000 businesses have received one-to-one support

 

New Anglia Local Enterprise Partnership has invested £302.5m in Norfolk and Suffolk’s economy and unlocked a staggering £1.3bn in match-funding since it was set up a decade ago.

Figures released to mark the LEP’s milestone anniversary at its Annual General Meeting today (22 September) mean that for every £1 it has invested, more than £4 has been generated.

In addition, 15,300 jobs have been created and safeguarded as a result of the LEP’s funding programmes and projects and in excess of 15,000 businesses have received one-to-one support. 1,752 start-up businesses have also been supported.

A total of £183m has been allocated to the region through the Growth Deal with Government and £556m produced in match-funding. This has led to the creation of 1,777 jobs, created facilities for 2,189 learners and supported the construction of 802 new homes.

High-profile Growth Deal projects include the STEM innovation Campus at West Suffolk College, the Energy Skills Centre at East Coast College, and the recently started Lowestoft Flood Defences.

The forthcoming launches of Productivity East at the University of East Anglia and digi-tech centres at City College Norwich and University of Suffolk will further boost the number of learners and ensure the region can supply the skills needed in this fast-growing sector.

No less visible are the diverse range of projects supported by the Growing Places Fund, such as Ipswich Waterfront’s Winerack development; The Nest Community Sports Foundation Hub near Norwich and the restoration of Great Yarmouth’s Venetian Waterways.

The Growing Places Fund, which awards loans and grants to kickstart development projects, has invested more than £31m into local projects, generating just over £300m in match funding.

The LEP’s flagship business grant programme – the Growing Business Fund – offers capital grants which can cover as much as 20 per cent of project costs. Over the past 10 years, the initiative has awarded £31m to 296 projects, generated £242m in match funding, and supported projects which have safeguarded or created 3,376 jobs.

Meanwhile, the LEP’s two Enterprise Zones, which cover 16 separate sites across both counties, have provided a springboard for start-ups and businesses looking to grow and generated money which has been reinvested in initiatives to boost the local economy.

The Space to Innovate Enterprise Zone was established in 2016 and the Great Yarmouth & Lowestoft Enterprise Zone was launched in 2012 and between them they have helped create 199 businesses and 4,454 jobs. A total of £418m has been generated in match funding.

E-commerce giant Amazon and flavour and fragrance manufacturer Treatt are among the businesses which call the  Enterprise Zones home, with major commercial developments completed at sites including Futura Park and Princes Street in Ipswich and Norwich Research Park.

The LEP has also supported significant inward investment projects which have seen businesses such as Italian food supplier LDH La Doria and cocoa producer Guang Chong Berhad move to the region.

Since the outbreak of Covid-19, the LEP has played a pivotal role in the region’s response, spearheading the economic recovery restart plan. It is now drawing up a Renewal Plan in collaboration with partners and businesses which will set out the actions and commitments needed to grow a more economically and environmentally resilient future for the area.

New Anglia LEP Chair C-J Green said: “The LEP has brought together local authorities, our education sector and businesses to grow the economy and identify what our region has needed most in terms of investment in transport improvements, skills for the future and business support.

“I am immensely proud of what the LEP and our partners have been able to achieve in the past 10 years and excited about the role we can play in the renewal of our economy over the coming ones.”

Projects and programmes which offer one-to-one business support are delivered by the team of business advisers at New Anglia Growth Hub. In total, 12,200 companies have been supported, 1,400 grant applications awarded and 70,000 hours of support provided.

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