£426million investment bid by D2N2 to boost economy and jobs

July 28, 2016 2:59 pm

A £426million capital investment programme – set to create an estimated 12,910 new jobs – is being bid for by the D2N2 Local Enterprise Partnership, to boost the economy.

D2N2 – the private sector-led Partnership of business, local authorities, higher and further education providers, and voluntary and community services promoting economic and jobs growth across Derby, Derbyshire, Nottingham and Nottinghamshire – previously received £192m in Local Growth Fund (LGF) monies from Government. This is being invested in infrastructure – transport routes, centres for business, skills facilities, faster broadband access, etc – to help support economic growth and businesses’ development.

Of the £192m LGF funding D2N2 received, in 2015/16 alone £39m was invested in 14 projects across the LEP’s area. Regional contractors have benefited from this, with almost two-thirds (64%) of those contracts going to companies located within 20 miles of the D2N2 area.

Now D2N2 is to submit a bid for a further £107m, from the Government’s ‘Local Growth Fund 3’ allocation; a £1.8billion national fund opened to bids from England’s 39 Local Enterprise Partnerships in March (2016). Details of D2N2’s bid were revealed at its 2016 Annual Conference and AGM today (July 26) – by D2N2 Chief Executive David Ralph and Chairman Peter Richardson (pictured above) – held at Vision West Nottinghamshire College’s main Mansfield campus.

If successful D2N2 would use its £107m in LGF 3 money to lever in an additional £318million worth of private and public sector investment – creating a total package of around £426million to support 23 vital projects across its area.

In total, it’s estimated this £426m funding ‘package’ could generate:

  • 12,910 new jobs
  • 1,705 new homes
  • 7,015 learners in skills and training centres

over the course of the 23 projects’ different lifetimes (which will range in length from a few years to 20 years).

D2N2 and its fellow LEPs are set to discover how many of their LGF 3 project bids have been successful, and the funding they will receive, in the Chancellor’s 2016 Autumn Statement in late November or early December.

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