Buckinghamshire Thames Valley Local Enterprise Partnership (BTVLEP), a partner of Buckinghamshire Business First, is delighted by the announcement by Communities Secretary, Rt. Hon Sajid Javid MP, that Buckinghamshire is to receive a further cash boost.

As part of the Government’s next round of Growth Deal Funding, Buckinghamshire will receive £20.48m to help create jobs, support businesses and encourage growth – this is in addition to the £53m of funding already committed to the county by the Government.

What will the funding deliver?

The Local Growth Fund allocation of £20.48m – with the potential to recycle over £15m into future programmes - will include supporting three key schemes to develop and grow the Buckinghamshire economy:

Business Growth and Innovation: a new Innovation Centre at Silverstone to advance the development of the High Performance Technology Cluster.

Skills and Talent: the Vinson Centre for Liberal Economics, Innovation and Entrepreneurship providing an expanded facility for entrepreneurship undergraduate study and venture creation at the pioneering University of Buckingham - part of an ambitious £150m programme of growth for the University.

Connectivity: the Stoke Mandeville Relief Road, part of the Aylesbury Ring Road development advanced and part funded by investment by HS2 Ltd, the new route will connect and enable development of major new housing and employment locations to the south of Aylesbury.

New jobs and homes on the way

Over the lifetime of its deal (2015-2021), BTVLEP estimates that up to 5,000 new jobs will be created and 600 new homes built, and that it has the potential to generate £40m public and private investment.

“A massive thumbs-up for the Buckinghamshire economy” is how Martin Tett, Leader of Buckinghamshire County Council described the multi-million pound cash injection by the Government to support transport, skills and business across the county.

Martin added: "This is fantastic news for Buckinghamshire and a real vote of confidence by the Government in our ability to generate economic growth both locally and for the country as a whole.

"All of the business and public sector partners who make up BTVLEP deserve a massive pat on the back. Buckinghamshire is a very successful, high performing economy already. This award demonstrates the confidence central Government has in Buckinghamshire. It’s important to remember that economic growth is not just important for business. It provides the jobs that people need and the money that pays for vital local services.”

Andrew Smith, Chairman, BTVLEP

Andrew M. Smith, Chairman of Buckinghamshire Thames Valley Local Enterprise Partnership, said: “We are delighted with today’s announcement of further funding for Buckinghamshire as part of the Government’s Local Growth Fund Round 3. This significant funding award is testament to both the strategic economic leadership and the excellent programme performance that BTVLEP have demonstrated over the past four years. We look forward to working with all of our partners in developing these exciting new projects and in supporting government in the development and delivery of the Industrial Strategy for the benefit of Buckinghamshire and the wider national economy.”

Sir Anthony Seldon, Vice-Chancellor, University of Buckingham

Sir Anthony Seldon, Vice-Chancellor of the University of Buckingham said: “We are enormously grateful to the Government and to BTVLEP for this extremely generous grant which will be used for the Vinson Centre for Liberal Economics and Entrepreneurship. This is the first major building development on campus as part of the broader campaign to expand the University. It shows that the Government and the local authority quite rightly regard us as integral part of the local economy.”

Roz Bird, Commercial Director, Silverstone Park

Commenting on funding for the new Innovation Centre at Silverstone, to advance the development of the High Performance Technology Cluster, Roz Bird, Commercial Director at Silverstone Park, said: “We are delighted that this funding has been secured by BTVLEP to help further develop business, innovation and education facilities. Silverstone Park is at the heart of the Silverstone Technology Cluster and playing an ever-increasing role in the development and growth of the high-tech business community in the area. This funding, working alongside the expansion of the Silverstone Enterprise Zone, will help develop new facilities and services to help realise the full potential of these businesses.”

Communities Secretary, Rt. Hon Sajid Javid MP

Communities Secretary, Rt. Hon Sajid Javid MP, said: “As part of efforts to deliver an economy that works for everyone, the Government is equipping local people with the resources they need to drive forward local growth. That is why we’re giving £20.48m new money to Buckinghamshire to give businesses the support and opportunities they need to achieve their potential – on top of the £53m we have already awarded”.

BTVLEP’s past, present and future plans

BTVLEP has already demonstrated its ability to deliver an ambitious programme. 100% of its Growing Places Funding has been used to kick-start the regeneration of the town centres and access gateways in Aylesbury and High Wycombe and is now being recycled to support BTVLEP’s skills and wider growth programmes. 

BTVLEP is already bringing to market over 100,000m2 of new employment space, with another 100,000m2 presently in planning, and will deliver 25,000m2 within the recently established Enterprise Zones over the next year.

The 9,000 strong membership of Buckinghamshire Business First, the Growth Hub for Buckinghamshire and a BTVLEP partner, is the envy of all other LEPs, providing a solid foundation with business to deliver sustainable locally driven business support services.

The Local Growth Fund

The £12 billion Local Growth Fund provides local leaders with the cash they need to support locally determined projects.  Under the fund, England’s 38 Local Enterprise Partnerships – made up of council leaders and business representatives – bid for investments based on local priorities.

Bids are highly competitive and to be successful, Local Enterprise Partnerships need to work with partners to agree strong and accountable governance and put forward proposals that boost growth and bring in private sector funding.

£7.7 billion of the £12 billion Local Growth Fund has already been allocated to more than 900 projects across England – helping to build vital infrastructure, improve skills and create thousands of jobs.