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News awaited of boost to refurbishment fund
Sometime during July the Thames Valley Berkshire LEP hoped to hear news about receiving a £48.3 million boost to its ‘refurbishment fund’, writes John Burbedge.
Thames Valley Berkshire LEP has applied to the Government’s Local Growth Fund (LGF) for this cash support in achieving a Strategic Economic Plan (SEP) for the region – aimed to position it as the UK’s world-class ‘Tech Valley’ and the place of choice to live and work.
The funding is not for any ‘topping out’ of the improvement work, it is more a key foundation stone, one of many that will be required to refurbish and enhance the region and make it internationally envied as a model 21st century environment.
The level of LGF funding gained will influence the speed of achievement of the LEP’s carefully constructed SEP, but not its progress towards achievement, LEP leaders Steve Lamb and Tim Smith told me in an exclusive interview.
The most important factor is that a Thames Valley Berkshire SEP has been developed for the future and agreed by all the regional stakeholders representing local authorities, and the business, education and community sectors, explained Steve Lamb chairman of the LEP.
Or, as LEP business director Tim Smith put it: “The LGF funding will be the icing on our cake, but the thing is that we now have a cake.”
“Our SEP is bold, but deliverable, although without local growth funds from government some of our programmes will take a lot longer to implement. This will impact on the national economy,” added Lamb.
The region’s prominent role within ‘UK plc’ has not gone unnoticed. The combined Thames Valley Berkshire desire for sustained improvement of the region – keeping it fit for vibrant 21st century businesses and communities – already has Westminster support.
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www.businessmag.co.uk Steve Lamb (foreground), with Tim Smith (behind), at the SEP launch
In Parliament, both business minister Michael Fallon and Reading West MP Alok Sharma, have described Thames Valley Berkshire as an “economic powerhouse” and “a key part of the UK economy and its wealth creation.”
Even so, maintaining that leading UK position (particularly in international eyes in terms of inward investment) remains an ongoing need and cash-conscious challenge for the LEP, which has four strategic foci to its work – skills, infrastucture, innovation, and international.
The current £48.3m SEP submission* for 2015/16 budget funding addresses these areas, but concentrates on transport and communications, business growth and ‘solutions labs’, and international repositioning of the region.
With the Thames Valley Berkshire LEP having identified unimproved transport and communication infrastructure as the biggest single risk to the region’s future economic contribution, it is unsurprising that the SEP submission has an obvious £39m budget priority towards that concern.
Eleven local transport schemes are included in the SEP, covering improvements such as mass rapid transport schemes (Reading and Slough), enhanced cycling provision, enlivened town centres, and infrastructure to unlock housing growth.
The digital future is also emphasised with LEP plans to ensure 95% of the region gets superfast broadband. Tim Smith also revealed proposals to link with local universities to stage a Thames Valley pilot scheme for 5G connectivity.
Internationally, the LEP aims to rebrand the region and improve its target marketing, laying the foundation for increased inward investment and export opportunities.
In subsequent years, the LEP will pitch for greater LGF funding to support the Thames Valley’s international ambitions, says Lamb.
Importantly, the Thames Valley Berkshire SEP estimates £11 of GVA will be generated for every £1 of LGF funding invested in the region, while bringing 21,000 new jobs and enabling 10,700 new homes to be built.
Outside the SEP, but interconnected with it, the LEP has achieved much already through its initiatives, encouragement, and lobbying. Its drive for ‘collaborative momentum’, which roughly translates as ‘let’s do it together now, not later’, has assisted in gaining the region a magnificent new ‘hub’ station (Reading), improvements to M4 J11, a Business Growth Hub, commitment to Western Rail Access to Heathrow (WRAtH), and constructive discussions on a third Thames bridge for Reading.
Rail electrification to Newbury and boosted London access via Crosssrail are also proposed along with a University of Reading science and innovation park, ‘smart motorway’ usage, and a flood risk study.
“It is up to us to continue to bang the drum on all these schemes and improvements until they are fully completed,” said Smith. “There is a huge tranche of infrastructure in the pipeline for Thames Valley Berkshire, and we’ve got to make those things happen in order to match the scale of our ambition and potential.”
What more might our business- conscious LEP achieve with adequate government funding and private sector support? The LGF Growth Deal announcement is awaited with keen anticipation.
*Full SEP details at www.
thamesvalleyberkshire.co.uk/ Strategic_Economic_Plan
THE BUSINESS MAGAZINE – THAMES VALLEY – JULY/AUGUST 2014
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