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The government has published its White Paper on encouraging local economic growth.
Entitled “Local growth: realising every place’s potential”, the White Paper makes proposals to streamline the planning system, make strategic investments where there is a market failure, and provide additional incentives to encourage investment.
Twenty-four proposed Local Enterprise Partnerships (LEPs) have been given the go-ahead. The new bodies cover a significant proportion of England, and will effectively replace the existing Regional Development Agencies (RDAs).
Nelson Ogunshakin, ACE chief executive, said: “ACE welcomes these proposals as a step forward in the debate. We are particularly pleased that the government recognises the need to address key barriers to development such as planning, bureaucracy and incentives to invest.”
“It is essential that economic growth is driven in all parts of the country, not just southern England. ACE will study the detail carefully, particularly the transitional arrangements for the RDAs. We understand the need for change and improvement, but at the same time we must ensure that the achievements delivered thus far are not lost in transition.”
A £1.4 billion Regional Growth Fund has been also announced. This aims to boost economic growth outside of London and south east England. This may be drawn on for developments such as key local infrastructure projects.
Other proposals made include: a three-year ‘holiday’ on National Insurance Contributions for new start-ups outside of south eastern England; a new requirement on local authorities to produce local development plans; and specific plans for winding down the existing Regional Development Agencies.
Nelson Ogunshakin said: “These are wide-ranging proposals. ACE will study the detail carefully, and we look forward to helping make these proposals a reality.”
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For media queries please contact Gavin Pearson - gpearson@acenet.co.uk - 020 7202 0255
Photos available on request.
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