Worcestershire’s regional economy is in line for £3.7million in new government funds to help spearhead local building projects.
Worcestershire Local Enterprise Partnership (WLEP) has been allocated the money from the government’s new ‘Growing Places Fund,’ which can be used for new infrastructure and to open up new sites for development.
The WLEP will now prepare proposals by December on how the money will be spent before formal allocation.
Although the detail is yet to be agreed, vice chair of WLEP Tony Hyde said this announcement is a welcome boost for the local economy.
He said: “This is excellent news for the County in these challenging economic times. Clearly this is early days in terms of detail, but in principle the allocation of funding to support the delivery of priority economic projects is very welcome.
“The allocation for Worcestershire is relatively low – it is based on a formula of population and income levels – so it will require some clear prioritisation of projects delivering the greatest economic impact in the short term.
“We will be working together with our local authority partners to deliver the best impact for business and people in Worcestershire.”
Councillor Simon Geraghty added: “This additional investment in Worcestershire by the government is to be welcomed and we will be working closely with our LEP partners to ensure it is effectively targeted on the right projects.”
Worcestershire LEP is led by private sector businesses in partnership with the public sector – comprising Worcestershire County Council and the six district councils of Worcester City, Bromsgrove, Redditch, Malvern Hills, Wyre Forest and Wychavon
Its task is to shape the best business environment for the county, stimulate growth of the local economy, encourage inward investment, boost enterprise and job creation, and actively promote Worcestershire as a great place to invest and work.