The government will award £556m to local enterprise partnerships (LEPs) across the North of England through a third round of Growth Deals, and is also starting talks on future transport funding with Greater Manchester. Chancellor Philip Hammond made the announcements in an Autumn Statement that aims to address “productivity barriers in the Northern Powerhouse”.
Hammond has announced that the government will award a total of £1.8bn to local enterprise partnerships across England. Of this, £556m will go towards the North, £392m to the Midlands, £151m to the East, £492m to London and the South East, and £191m to the South West.
This funding of local infrastructure is intended to improve transport connections, unlock housebuilding, boost skills and enhance digital connectivity. The precise amounts allocated from the Local Growth Fund to individual local enterprise partnerships will be announced in the coming months.
The government will also give mayoral combined authorities powers to borrow for their new functions, which it said would allow them to invest in economically productive infrastructure subject to agreeing a borrowing cap with HM Treasury.