Local growth fund to build 119,000 homes

February 6, 2017 / Isla MacFarlane
Local growth fund to build 119,000 homes

Multi-million pound cash boost to help build homes and create local jobs in London, the South East and East of England.

Communities Secretary Sajid Javid has announced the latest instalment from a £1.8 billion dedicated Local Growth Fund.

This investment could see 237,000 jobs created, 119,000 homes built and attract over £4.7 billion investment. It comes on top of the £2.2 billion of growth funding already awarded.

Minister for London Gavin Barwell said, “London is recognised the world over as an economic powerhouse and we’re determined to see it go from strength-to-strength.

Today’s £141 million funding for the capital will help deliver as many as 5,400 homes over the next 5 years, support projects to improve the environment at the heart of the city and help young Londoners learn a wide range of new skills.”

Local Growth Minister Andrew Percy said, “From Brighton to the Norfolk Broads today’s investment will support the delivery of new homes and jobs right across the South East and East of England.

The £12 billion Local Growth Fund provides local leaders with the cash they need to support locally determined projects. Under the fund, England’s 38 local enterprise partnerships – made up of council leaders and business representatives – bid for investments based on local priorities.

Bids are highly competitive and – to be successful – local enterprise partnerships need to work with partners to agree strong and accountable governance and put forward proposals that boost growth and bring in private sector funding.

£7.3 billion of the £12 billion Local Growth Fund has already been allocated to more than 900 projects across England – helping to build vital infrastructure, improve skills and create thousands of jobs. The remainder of the funding has been invested in projects such as improving transport networks and building new homes.

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