Hertfordshire Local Enterprise Partnership (LEP) has today (Monday 7 July) secured over £200million investment for infrastructure, businesses and skills in the county by 2020/21 – with £21 million in new funding confirmed for 2015/2016.
This funding, part of the Government’s Growth Deal with Hertfordshire LEP, will help deliver 16,000 additional homes and around 13,000 new jobs. It includes:
£5.3 million investment in 2015/16 to create new space for businesses at key sites (Broxbourne, Stevenage and Rothamsted).
As a key economic hub for the county, Stevenage will see £19 million investment for town centre regeneration. In addition, there will be £3 million for the delivery of further extensions to the Stevenage BioScience Catalyst, which already houses key businesses such as GSK and Johnson & Johnson, and world class academic research from University College London and Cambridge University. This expansion is expected to create 1,310 jobs.
Martino Picardo, CEO of the Stevenage BioScience Catalyst and Chair of Hertfordshire LEP’s Enterprise and Innovation Board, said: “It was great to have the Secretary of State here today to see the huge economic potential of the life sciences in Hertfordshire. With this additional funding we can ensure that we can ensure Hertfordshire remains a centre of research excellence, attracting further private sector funding and talent to create jobs and long term growth”.
In addition, housing delivery will be boosted through a Growth Area Forum clustered around the A1(M) corridor from Hatfield up towards Letchworth, which will see £2 million investment in 2015/16, totalling £16 million by 2020/21.This area will also benefit from a £3.8m package to improve public transport, cycling and walking.
To mark the announcement, Secretary of State for Health the Rt Hon Jeremy Hunt MP, visited the LEP’s offices at BioPark in Welwyn Garden City, where he met with businesses from the county’s thriving bioscience sector.
He said: “Hertfordshire has so much to offer – in addition to a world leading science and technology sector, there’s expertise in the creative industries, a highly skilled workforce and thriving small and medium sized businesses. By securing this funding, the LEP can ensure that this potential becomes a reality”.
John Gourd, Chair of the Hertfordshire LEP Board, said: "I am absolutely delighted that the Government has recognised the importance of targeted investment in Hertfordshire's infrastructure, skills and businesses in ensuring that we meet our incredible economic potential.”
“In addition to flagship infrastructure projects like Croxley Rail Link that will really open up the county, it's also great to see a real commitment to developing our skills and businesses through additional funding for projects like Broxbourne Enterprise Centre, Stevenage BioScience Catalyst, West Hertfordshire College and more. With this funding we can ensure tha tHertfordshire has a brighter future than ever".
Notes to editors
About Hertfordshire LEP
The Hertfordshire Local Enterprise Partnership (LEP) is a business-led partnership between local businesses, academia, not-for-profit organisations and local government with a remit to boost the local economy and create new jobs. It was one of the first LEPs to be given permission to form by Government in October2010.
To date we have invested £8 million into projects to create jobs and housing and secured a further £41 million for Hertfordshire’s economy.
For further details visit www.hertfordshirelep.com
About the LocalGrowth Fund
The Local Growth Fund guarantees £2 billion a year to be allocated to LEPs as part of the Government’s Local Growth Deals. Local Growth Deals will be a partnership between the Government and LEPs, where the Government will respond to the offers made by LEPs in pursuit of the shared objective of growth.
The LEPs submitted Strategic Economic Plans (SEP) by 31 March 2014, outlining their ambitions to stimulate growth in their areas over the next six years to 2020. Funding decisions for all LEPs were announced today (Monday 7 July).
For further information, please contact Soniya Ganvir on firstname.lastname@example.org / 0207234 3334 / 07944 228 328