The LEP is a proactive and progressive organisation with a remit to stimulate the growth of the Lancashire economy. The Lancashire Enterprise Partnership which is private sector led has a target to generate £3bn of growth by 2025, creating 50,000 jobs and supporting the development of 40,000 new homes in the process.
To achieve this transformational change, the LEP has established Lancashire’s most comprehensive growth programme and has successfully secured nearly £1bn to deliver over 50 major capital projects across the county.
This has been achieved through Government-backed initiatives such as the Preston, South Ribble and Lancashire City Deal, the Lancashire Growth Deal and the Growing Places Investment Fund, together with other major inward investment programmes and funding streams.
The LEP also has an ambitious transport strategy with major investments planned for rail and road initiatives which could help generate an additional £685 million in economic growth.
The LEP has secured Enterprise Zone status for four key development sites which have been combined into one dynamic, world-class and overarching investment destination – Lancashire Enterprise Zone.
The £320M Growth Deal, the largest secured outside the core city regions is on track to deliver up to 11,000 new jobs, 3,900 new homes and £1.2 Billion in new private sector investment by 2021.
Through initiatives like Boost Business Lancashire, the county’s Growth Hub which supports SMEs, and its recent £30m investment in skills and vocational training via its dedicated Skills Hub, the Lancashire Enterprise Partnership is helping to deliver the innovation, skills, supply-chain and infrastructure capability needed to strengthen Lancashire’s business base, and help make its economy even more globally competitive at the heart of the Northern Powerhouse.
Central Lancashire sits at the heart of the £29bn Lancashire economy. One of the largest outside London, it supports more than 670,000 jobs in over 52,000 businesses.
The Preston, South Ribble and Lancashire City Deal is set to grow this economic powerhouse even further and open up great opportunities for investors, developers, businesses and residents.
City Deal is a 10 year plan investing £450m in Preston and South Ribble.