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LEPs receive £420m boost  

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Local enterprise partnerships (LEPs) have been handed an unexpected boost in the spending review with extra cash expected to be injected into the £1bn regional growth fund.

On top of the £1bn currently committed over two years, the fund will now receive a third-year’s worth of funding at £420m.

While it is unclear how the regional growth fund will be distributed, a document prepared by the Department for Communities & Local Government and seen by LGC has confirmed that LEPs will be able to prepare bids for the growth fund “this side of Christmas”.

The number of LEPs bidding for a share of the funds is set to be confirmed in a white paper slated for the coming weeks following a deal being thrashed out by business secretary Vince Cable and communities secretary Eric Pickles.

LGC revealed yesterday (October 19th) that a number of significant deals remained on the table, with a group of councils making a late bid for an east midlands ‘super LEP’.    

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