£270m Growing Places cash allocated
The government is to release £420 million of cash for local authorities to invest in infrastructure to help boost businesses, jobs and housing.
Communities secretary Eric Pickles and transport secretary Justine Greening yesterday announced the money would be released through their departments with £270 million going towards the Growing Places Fund and £150 million to large scale infrastructure projects in ‘core cities’.
The £150 million will be financed through Tax Increment Financing, which allows councils to borrow against future earnings.
The extra Growing Places Fund money comes from government underspending and is on top of £460 million which was previously allocated to local enterprise partnerships.
The fund provides local areas with up-front and flexible funding so they can quickly boost economic growth by getting the required infrastructure built to build new homes, create jobs and get stalled projects moving again.
Mr Pickles revealed that the cash has now been allocated with London getting the largest total - £69 million, while Manchester receiving the next highest with £12 million.
Details on a competition for allocating the £150 million funding will be announced in the spring.
Mr Pickles said: ‘We know that new infrastructure is one of the most important ways to get the economy going again, support new homes and create long term jobs and growth. That is why last week government made over £400 million more available to communities.
‘The extra Growing Places Fund money is available immediately so local enterprise partnerships can unlock sites for infrastructure development that support new homes and Tax Increment Finance will give councils the means to raise their own finances over the longer-term to back infrastructure projects themselves.’
Growing Places Fund allocation for 2012/13 and beyond
|Local enterprise partnership||Additional allocation||Overall total|
|(The) North Eastern Local Enterprise Partnership||£ 8,198,503||£25,253,169|
|Sheffield City Region||£6,027,853||£18,574,935|
|Stoke and Staffordshire||£3,721,421||£11,462,668|
|Greater Birmingham and Solihull||£7,283,524||£22,494,722|
|Liverpool City Region||£6,336,851||£19,529,710|
|Cheshire and Warrington||£4,257,719||£13,159,667|
|York and North Yorkshire||£3,043,369||£9,373,951|
|Leeds City Region||£11,739,899||£36,225,183|
|Leicester and Leicestershire||£4,343,040||£13,405,370|
|The Marches Enterprise Partnership - Shropshire and Herefordshire||£2,659,812||£8,190,847|
|Derby, Derbyshire, Nottingham and Nottinghamshire||£8,538,103||£26,344,104|
|Coventry and Warwickshire||£4,144,786||£12,816,184|
|South East Midlands||£6,070,478||£18,759,514|
|Greater Cambridge & Greater Peterborough||£5,214,464||£16,118,213|
|Coast to Capital||£7,674,599||£23,699,125|
|Thames Valley Berkshire||£5,163,226||£16,039,518|
|West of England||£5,527,958||£17,107,499|
|Swindon and Wiltshire||£3,040,261||£9,386,900|
|Heart of the South West||£6,978,179||£21,488,660|
|Cornwall and the Isles of Scilly||£2,072,352||£6,365,681|