In 2014, the LEP and the Government agreed our £1billion-plus Local Growth Deal, which will help transform the Leeds City Region economy, to allow us to make vital upgrades to transport, increase housing, revitalise our towns, invest in a skilled and flexible workforce, support the growth of businesses and build a resource-efficient City Region.
The Leeds City Region Local Growth Deal is a £1 billion-plus deal between the LEP and the Government to help transform the Leeds City Region economy.
In July 2014, the LEP and the Government agreed our £1billion-plus Local Growth Deal, negotiated based on our Strategic Economic Plan. The Growth Deal will help transform the Leeds City Region economy. It allows us to make vital upgrades to transport, build more housing, revitalise our towns, invest in a skilled and flexible workforce, support the growth of businesses and build a resource-efficient City Region.
A major investment in the City Region
Businesses across the region are growing and creating jobs thanks to grant funding and other business support funded through our Growth Deal, while investment in over 100 significant Growth Deal projects has been approved by the Combined Authority.
These include supporting the creation of the New Bolton Woods urban village between Bradford and Shipley, which will ultimately bring 1,000 new homes to the area, and the regeneration of Bradford’s iconic Odeon building as a mid-sized live events venue.
The Growth Deal is delivering enhanced learning capabilities, with Springfield Centre in Dewsbury, the Huddersfield Innovation and Incubation Project at Huddersfield University, the Process Manufacturing Centre at Kirklees College, a new campus for Leeds College of Building on the city’s South Bank, Leeds City College’s Printworks campus and the under-construction Quarry Hill campus, and University of Leeds Nexus innovation and incubation centre.
Alongside the Growth Deal, we are delivering major enhancements to travel infrastructure through the West Yorkshire Plus Transport Fund, with a wide-ranging programme of road and rail improvements.
Delivering our Growth Deal
The Assurance Framework covers capital and significant revenue expenditure funded by Government or local sources and invested by the Combined Authority in projects and programmes, including all Government funding received by the LCR and LEP (via the Combined Authority as the LCR LEP's accountable body).
We see the Assurance Framework as essential good practice for a partnership that must be trusted by the public and government to take its own investment decisions. This Framework is designed to help us maintain that reputation in the eyes of the government and public.
We produce a regular summary document showing how the Growth Deal is being implemented. It shows an assessment of progress and risk (particularly related to expenditure) on each project within our Growth Deal by rating them red, amber or green on a range of criteria (detailed below) agreed by the Investment Committee at its meeting on 8 March 2017:
- % forecast outturn against annual allocation
- % actual expenditure against quarterly spend profile
- risk of not achieving full expenditure of annual allocation (this will take in to consideration the amount of annual allocation included in the final quarter as expenditure heavily weighted in the last quarter of the year represents a significant risk of underspend).