Northamptonshire Enterprise Partnership (NEP) has attracted almost £14million of investment to kickstart the county’s economy since it was set up two years ago.
How has the money been used?
A report to be heard before Northamptonshire County Council’s cabinet next week also shows that in that time the county’s local enterprise partnership has created and safeguarded more than 1,500 jobs, overseen the start-up of 86 new businesses and been the catalyst for 21 new company investments in the county.
Further to this, the economic delivery body’s Brussels-based European office, which receives funding of £140,000 annually, has attracted £2million of investment into Northamptonshire with further bids totalling £4million awaiting approval.
The report also highlights how nationally local enterprise partnerships (LEPs) are increasingly likely to become key in shaping policies for economic growth and therefore the main funding route into the county in years to come.
As a result Cabinet is recommended to approve continued funding of NEP over the next three years, starting in 2014-2015. An exact yearly figure will be announced later this year but it is expected to be in line with the current amount of £1.45million and reviewed annually.
County council cabinet member for strategic infrastructure, economic growth and public protection, Cllr Andre Gonzalez De Savage said: “There’s no doubt that NEP has been doing an excellent job in creating prosperity in the county and I think these figures are testament to that.
“What’s even more impressive is that these achievements have been reached in very gloomy economic times as the country moves out of recession.
“Increasingly it’s becoming clear that LEPs are going to be playing more and more of a role in being the main route of funding into areas from both the government and Europe, so it’s crucial that our very own LEP is supported at this key time.
“NEP is doing a sterling job and that is why I think further funding over the next three years is a sound decision. This funding will be subject to performance and an annual review to secure maximum value for the investment.”