Thames Valley: LEP proposals for funding outlined

Thames Valley Berkshire LEP, in competition with the 38 other LEPs, has submitted its proposal for a third Growth Deal for central government investment. In making the case for investment it was emphasised that the region had the greatest overall growth in productivity (between 2013 and 2014) of all LEP areas including London, and that it is one of only four LEP areas to score highly on measures of both economic prosperity and social inclusion.

The proposal focused on the need to further enhance the region’s connectivity.  The case was made that this is especially critical now that Brexit is a reality, because Thames Valley Berkshire has the highest proportion of foreign-owned businesses among all LEP areas, and investment here would send a strong and positive message to those international companies with UK, European or Global HQs in the area. The need for the expansion of Heathrow Airport was re-emphasised and the importance of accelerating the implementation of a western rail link to Heathrow. It was argued that a swift decision to invest in a third runway at Heathrow would strengthen the UK’s negotiating position on global trade deals.

The proposal also included an application for development funding from the Large Local Major Schemes Fund, in order to complete an outline business case for a new crossing on the Thames east of Reading.

If the bid is successful, it would more than double the £107 million the LEP is already investing in the area and complement the £15m of Growing Places Funds being invested through a recycling loan scheme.