Jobs created Private sector investment unlocked New dwellings supported
Data as of Sep 2022
New Anglia LEP programme outputs dashboard - Q1 2022/23
Primary Economic Strategy (ES) indicators supported Primary Economic Strategy (ES) indicators supported Primary Economic Strategy (ES) indicators supported
Delivery, this quarter (Q1, Apr-Jun 2022): 93
Delivery, year to date (2022-23 financial year): 93
Delivery cumulative to date (2012-): 13,751
Target, this year (22-23 financial year): 1,546
Delivery, year to date, as % of target: 6%
With a proven track record of creating jobs and supporting employment
opportunities in the local economy, LEP programmes have a demonstrable and
clearly measurable impact on the ambitions of the Economic Strategy, and asso-
ciated indicators.
Through 2021-22 the Enterprise Zones, Growing Business Fund (GBF), Growth
Deal projects, and Business Growth Programmes were the primary drivers of job
creation.
In Q1 of 2022/23 there has been a significant slow down in job creation, this is
likely due in part to widespread, prevailing economic uncertainties. However, we
anticipate that through 2022/23 the C-Care and CRF projects will make con-
sistent contributions, as well as the Enterprise Zone, Enterprise Zone Accelerator
Fund, and the Growing Places Fund.
It should be recognised that programmes which contributed to the annual jobs
created target have now closed, including the Growing Business Fund.
Delivery, this quarter (Q1, Apr-Jun 2022): £0.2m
Delivery, year to date (2022-23 financial year): £0.2m
Delivery, cumulative to date (2012-): 20
Target, this year (22-23 financial year): £52m
Delivery, year to date, as % of target 0.4%
Delivery, this quarter (Q1, Apr-Jun 2022): 0
Delivery, year to date (2021-22 financial year): 0
Delivery, cumulative to date (2012-): 661
Target, this year (22-23 financial year): 60
Delivery, year to date, as % of target: 0%
Though typically small-scale and limited in terms of direct tangible out-
puts, LEP programmes still have a demonstrable role in supporting the
delivery of new homes and leveraging in resources to unlock sites and
development.
Through 2021/22, the combined knock-on effects of Brexit and Covid
lockdown restrictions resulted in a severe knock-on effect and delays on
many constructions sites, various challenges surfaced around material
supply and available labour. These challenges have slowly receded in se-
verity, but are still present in 2022/23.
There are two main sites contributing to this target, Lynnsport and Lark
Grange. The next phase of the Lynnsport development won’t now start
unl Jan 23’ and Lark Grange has been progressing quite slowly of late,
with the residual impact of supply chain and labour shortage issues ham-
pering progress through Q1 of 2022/23.
LEP programmes continue to leverage in significant private sector investment, in
fact, the IMF estimates every £1 of private sector investment can stimulate a fur-
ther £3 of economic growth, highlighting its direct impact on the delivery of the
aims and ambitions in the Economic Strategy.
Delivery through 2021/22 remained relatively positive throughout, despite even in
the face of growing uncertainty around rapidly rising costs through autumn/winter
of 2021/22.
The continued overall impact of
prolonged
economic uncertainty has to be taken
into consideration, when assessing the level of investment, including factors such
as: increases in prices, tightening supply chains, and labour shortages etc. All of
these combined will have contributed to the Q1 2022/23 delivery running some-
what below target.
Ambitions for this target are expected to be delivered predominantly through the
Enterprise Zones and by the new Business Transition to Net Zero programme, both
of which will generate match funding later in the financial year.