Money

£33 million for south east - and an extra £2.8 million for Kent

The south east of England is set to receive a cash boost from the Government of more than £33 million to fund its Local Enterprise Partnership.

And in addition Kent will get more than £2.8 million towards the cost of regeneration, development and infrastructure improvements.

The Government says it is funding communities with ambitions for economic growth across the UK with a cash outlay of nearly £1billion – with Kent getting a generous share of the grants.

Ministers have confirmed the allocation of the £500milllion Growing Places Fund, designed to boost economic growth by getting the required infrastructure built to enable the creation of new homes and jobs and get stalled projects moving again.

The funding has been allocated to the country’s 38 Local Enterprise Partnerships, who will now decide what to prioritise locally. The south east – which consist of Kent, Essex and East Sussex, is to gain a total of £33, 226,094.

The fund can be used to establish revolving funds to take forward a range of projects that can help boost economic growth, as Local Enterprise Partnerships offer funding to developers, but also secure a return on that investment.

In addition, Housing Minister Grant Shapps has confirmed a cash boost to 353 councils – including KCC who will receive £2,838,576 out of a share of the £432million New Homes Bonus funding.

This can be spent on regenerating town centres, reinvigorating treasured local assets or reinvesting in local services and enterprise. Westminster says councils and communities will be able to work together to decide how best to spend their New Homes Bonus.

Taken together, the allocations of the Growing Places and New Homes Bonus funding totals nearly £1billion.

Andrew Aves, development manager of the Federation of Small Businesses for Kent and Medway, said he was delighted at the news.

“It will offer opportunity for businesses to expand and develop and so create jobs,” he said.

“Quite clearly one of the things which was inhibiting economic progress was a lack of available resources, so this is another reason to be positive about this announcement.

“I would like to see money spend on improving Kent’s broadband connections, especially in rural areas. This would enable small businesses operating away from town centres to increase their range of activities.

“Also transport bottlenecks on the roads could be improved and the High Speed One rail network extended to Dover and Thanet.”

Housing Minister Grant Shapps said: “Today’s announcement represents a massive cash boost of nearly £1billion to communities with a track record of going for growth, and with ambition to go even further.

“The Growing Places Fund will unlock further sites for development, creating new jobs in those areas, while the New Homes Bonus recognises the efforts that have been made over the last year to deliver thousands of new homes and bring empty properties back into use.

“I look forward to seeing how this significant investment will change the shape of communities across the country.”

Transport Secretary Justine Greening said: “Transport provides the crucial links that allow people and businesses to prosper.

“This investment will develop and improve the infrastructure that moves goods and people around helping to build the balanced, dynamic and sustainable economy that is needed for our future prosperity. Shovel-ready local transport projects like local roads and bridges can be essential to access new homes and new jobs.

“The Fund is also a unique opportunity for Local Enterprise Partnerships to establish a rolling investment programme and leverage the private sector to continue to deliver future projects that maximise economic benefit.

“Our vision is for a transport system that is not only an engine for economic growth but also one that is safer, more environmentally friendly and improves quality of life in our communities.”

Chief Secretary to the Treasury Danny Alexander added: “Today we are confirming the allocations of the half a billion pound Growing Places fund, which will make a real difference to local infrastructure across the country.

“The flexible fix-it fund will invest in a variety of projects to boost the local economy. The local community, through the Local Enterprise Partnerships, will decide on the priority projects, ranging from building strategic link roads to reducing congestion.”