The Business Magazine Thames Valley February 2015

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The £137m key to unlock economic growth for Thames Valley Berkshire starts to turn

Key facets of the £137 million investment that underpins the Strategic Economic Plan (SEP) of the Thames Valley Berkshire Local Enterprise Partnership (LEP) were revealed to the region’s business community last week.

The LEP has secured the all- important funding following successful proposals made for Local Growth Funds, EU

Structural Funds and Growing Places Funds.

Steve Lamb, LEP chairman, explained to a packed audience at Green Park in Reading: “This money is now allowing us to implement the first stages of our Strategic Economic Plan and make things happen in Thames Valley Berkshire – the funding is unlocking several key schemes across our sub region.

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“It will enable the LEP and its partners to improve connectivity across its towns, reduce congestion, unlock private sector investment essential to economic growth and support the building of over 12,000 new homes.”

Planned to drive future economic growth in the sub region, the SEP also aims to create up to 17,000 jobs and leverage a further £20 million in public and private investment.

The £137m funding will enable progress on more than 80% of the LEP’s transport projects LEP director Nick Carter stated. These would include planned 2015-2016 road developments such as the Warfield Link Road in Bracknell; at London Road Industrial Estate in Newbury; at Bracknell/Coral Reef; and, the Slough Mass Rapid Transit project.

“These will impact directly on the economic growth and development of the Thames Valley Berkshire sub-region,” he added.

The LEP was also working at regional and national level to help ensure the full delivery of “an unprecedented series of major infrastructure investments in the national road and rail network serving the sub region’s economy”.

These include the Reading Railway Station upgrade, Crossrail, Western Rail Access to Heathrow (WRAtH), Great Western electrification, super express trains for Inter-City rolling stock, and smart motorways for M3 J2-4 and M4 J3-12.

Other LEP projects being delivered are:

• A new railway station at Green Park in Reading, and improvements at Maidenhead station.

• Rapid Transit public transport schemes in Slough and Reading, and park and ride in East Reading.

• National Cycle Route NCN 422 and new facilities on A4 Maidenhead to Slough.

• “Pinch-point” funding of nearly £17m for key infrastructure sites in Reading, West Berks, Wokingham, Bracknell and Maidenhead, as well as at M4 J10.

• 95% of the region covered by superfast broadband by 2017.

• A Thames Valley Science Park near Reading.

• Three new ‘solutions labs’ equipping young people with the science, technology, engineering and maths skills needed to support the region’s tech-focused business base and the new Thames Valley Science Park.

• Bringing businesses, FE colleges and students together to shape curricula aligned for the needs of tech- based businesses.

• Further development of the LEP’s Thames Valley Berkshire Business Growth Hub (already engaged with 115 businesses and committing grants to 19 businesses) and its Funding Escalator of £7.3m providing commercialisation and expansion loan schemes.

Details: www.thamesvalleyberkshire.co.uk

Download the Thames Valley Berkshire LEP App from Apple App Store or Google Play.

THE BUSINESS MAGAZINE – THAMES VALLEY – FEBRUARY 2015

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