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 maintain its longer-term strategic plan, while providing businesses and organisations with the support they need to keep moving.
In August 2020, the Government announced a fund investing £1.3bn into homes, infrastructure and jobs.
The Getting Building Fund looked to deliver up to 45,000 homes, create 85,000 jobs and boost skills and infrastructure nationwide. The North East LEP received £47m from government, which it topped up with a further £8m.
Over the next eight months, it moved quickly to arrange investment into 16 projects, which are anticipated to be well on the way to completion by spring 2022. These include the NUCASTLE facility for accessible learning and recreation, and the new South Tyneside Council Glassworks office development.
The North East LEP has a track record of supporting the right schemes in a timely manner. Andrew Moffat CBE chair of its Investment Board says that “when the government allocates funds to us – we spend them, in the time they require, and spend them effectively. They have confidence that we’ll deliver, and therefore next time, they might give us more.
“During the COVID-19 pandemic, we’ve looked at where the gaps are in government funding, and tried to help. This includes a supply chain initiative for PPE, and an Innovation Challenge supporting businesses who are solving COVID-related problems. We also launched a crowdfunder scheme, which invested £471,000 into local small and micro businesses with the help of our generous community whose contributions we matched.
“As businesses bounce back, we’ll be looking to give them the support they need. We’ve called on government to back our ambitious £2.8bn Recovery and Renewal Deal, helping us build a greener, more innovative and resilient economy. We’re also providing direct support to businesses, through our investment programmes, and our Growth Hub support.
“COVID-19 has required us to collaborate and listen more than ever. We’ve acted quickly and decisively, and I’m really proud of the work our whole team has done. But we’re still carrying on with the work we’ve been doing for nearly a decade. We’re still committed to our Strategic Economic Plan, which aims to create 100,000 more and better jobs for the region.
“So far, the LEP has secured over a billion pounds in funding which in turn has secured more than another £1.6 billion of private sector investment in the region. We’re continuing to build on our strengths in Advanced Manufacturing, Energy, Health and Life Sciences and Digital. Our Local Growth Fund has distributed £270m over six years to strategic capital projects, while our Enterprise Zone funding has invested £65m, with a further £100m forecast by 2025.
“We’re also always looking at what’s happening globally, identifying which and how sectors are growing and evolving. Because, when opportunities arise, we want to support the region in harnessing them. We seek to make the necessary investments to ensure we’re prepared, whether that’s getting a brownfield site ready for development, or working with an investor or company to seize market opportunities.
“There are many examples where this strategy is already bearing fruit. The International Advanced Manufacturing Park (IAMP) is a great example. The NewcastleGateshead Quays project is nearly off the blocks, and we’re working closely to support the redevelopment at Port of Blyth – as well as assisting other ports and operators in the region.
“We’re not alone. We’re working with many partners from all over the region to make the right choices to help the North East economy grow and thrive. Together, we have gained a fantastic reputation that includes a track record of delivery, whilst at the same time our strategic approach has allowed us to be on the front foot, and always ready for the next opportunity to gain access to government funding and help deliver real economic benefit to the region.”
Andrew Moffat CBE is the Chair of the North East LEP’s Investment Board.