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.
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 -2022, 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.
Other funding streams
We also support a number of other strategic funding streams that support the delivery of the Strategic Economic Plan.
We are a member of the European Structural and Investment Fund (ESIF) committee – a group of regional stakeholders who provide support and guidance to Government about the allocation of European Funding in the North East.
You can find the minutes and membership of the ESIF Committee here.
The North East Property Fund is a £10 million fund offering development funding to SME house builders, construction and property development companies to bring forward residential and non-speculative commercial development projects in the North East LEP area.
Latest Investment news
In conversation with Andrew Moffat CBE, Chair of the North East LEP’s Investment Board, about the LEP’s annual review and the role investment has played in supporting the region’s economic recovery from COVID-19
In a period of uncertainty, it’s easy to get sidetracked. But over the last couple of years, the North East LEP has been able to…
Regional health innovation experts help Dräger UK secure multimillion-pound PPE deal
Blyth-based Dräger is due to begin a lucrative contract supplying the government with respiratory masks following support from three key regional organisations. The Academic Health…
North East awarded £47m from government to invest in local infrastructure projects
The North East has been awarded up to £47m from government’s Getting Building Fund to start local infrastructure projects that will help the region recover…
New Chair and Board Member help to shape investment in region
Andrew Moffat CBE has been made Chair of the North East Local Enterprise Partnership (LEP) Investment Board, and the Board has also welcomed a new…
In conversation with Andrew Moffat, Board member of the North East Local Enterprise Partnership (LEP), about investment in the East Coast Mainline
A key driver for a strong and resilient economy is good connectivity. Without it, people, goods and data can’t be moved easily and efficiently, which…
North East LEP’s Local Growth Fund reaches half way milestone
More than half of the projects supported through the North East Local Enterprise Partnership’s Local Growth Fund have reached completion, marking a major milestone for…
The bid to make 5G North East a reality: In conversation with Alan Welby
In the next few weeks, one city in the UK will be chosen to be the testbed for the next generation of 5G technologies, which…
Deal agreed for new £120m fund for the North East
A £120m fund to support the growth of hundreds of North East businesses hopes to go live early next year after an important milestone was…