The Heart of the South West Local Enterprise Partnership (HotSW LEP) has submitted bids to government proposing the LEP makes a range of economically critical investments of just over £400m.
The money will be invested across a range of projects throughout the LEP area which will help boost growth in local economies and improve crucial transport links.
As part of the bid, the LEP has invited Government to discuss opportunities that may arise from the decision to leave the European Union and initial work has already been undertaken to identify potential areas for this and which will be expanded upon with partners in the coming weeks.
The bids follow on from the successful Growth Deal rounds 1 and 2 which previously secured £195.5m in total of investment from government.
Chair of the Heart of the South West Local Enterprise Partnership, Steve Hindley, said: “We have ambitious plans for the Heart of the South West but if we secure the necessary funding from government they are realistic ones.
“This area – we believe more than any other area in the country – has the chance to leverage a step-change in transformational growth at a level higher than anywhere else, to benefit our local economy and that of the UK.
“Decades of under-investment has given way to new opportunities through our sector strengths, which are international engines of growth: Marine, Aerospace & Advanced Engineering, Rural Productivity, Health and Social Care, Nuclear and Data Analytics.
“The LEP is grateful to all the partners who have dedicated time and expertise to the process so far, and we expect to hear confirmation of the award from government in the autumn.”
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