Introducing our Investment programme
Our plan for the North East is to create 100,000 jobs by 2024. To achieve this, significant investment and development is required within the region. Housing, employment sites, transport and digital infrastructure all need to be developed.
Investment in our economic assets and infrastructure supports the development of our key employment strengths and clusters, accommodates the changing structure of the economy, fosters innovation and is delivering the housing required for our changing population.
Creating and sustaining great places to live, work and visit requires a balance to be struck between protecting our environment and accelerating development. Our aim is to invest in attractive, inclusive and sustainable projects that create more and better jobs, whilst progressively move to a low carbon environment.
Helen Golightly
Chief Executive
Here’s how the Investment Programme links into the key areas of the Strategic Economic Plan:
The investment team manages a multi-million-pound investment programmes designed to improve and support the North East’s economy. Over the period 2015 -2023, our investment programmes are valued at over £760m. These funds are:
The Local Growth Fund (LGF) is a £270m capital programme that forms a key element of the North East Growth Deals agreed with Government between 2014 and 2017. It allows us to progress ambitious growth measures, together with our partners, to achieve the objectives set out in the Strategic Economic Plan.
LGF funding supports major capital projects across the North East LEP area through smart, strategic and focused investment of public and private sector funding.
In August 2020, the North East LEP was awarded £47m from government’s Getting Building Fund to start local infrastructure projects that will help the region recover from the coronavirus pandemic. The funding will be spent on ‘shovel ready’ projects that can be delivered in the next 18 months.
A further £8m of funding was added to this from reserves to allow us to take forward the full list of shovel ready projects the North East LEP received.
The Getting Building Fund forms part of the government’s New Deal for Britain announced by Prime Minister Boris Johnson. It sets out government’s strategy to rebuild Britain and fuel economic recovery across the UK.
Find out more.
The North East Investment Fund is an evergreen capital loan funding supporting projects that specifically encourage local economic growth and create jobs in our area. The fund totals £55 and is a combination of £25m Growing Places funding and £30m Regional Growth Fund.
The North East Enterprise Zones cover 21 sites across the region. They provide tax breaks and government support for both new and expanding firms.