Member News
The LEP’s Annual Review highlights key achievements over the last 12 months and explores the new funding and decision-making powers that will be created as part of the North East Devolution Deal.
Particular achievements highlighted in this year’s report include the relaunch of the North East Evidence Hub, which brings together key data and evidence about the region to support decision making and to make evidence more accessible for stakeholders and partners across the region.
The report also describes how independent evaluation has demonstrated that businesses supported by the Growth Hub have achieved a £8.8k turnover per employee improvement and that overall, £292million additional Gross Value Added and 4,435 additional jobs have been added to the economy since 2017.
In Skills, the team has continued to make an impact locally and nationally in delivering the government’s technical education agenda for young people and adults, bringing together key regional stakeholders to develop and deliver a regional Apprentice Ready vision.
The LEP has also launched The North East Commercial Property Investment Fund, managed by FW Capital, this year. The fund provides loans of between £2 to £7 million to support new or refurbished grade A commercial office and industrial space. It is predicted that it will create up to £119 million investment over the next 15 years, creating 5,600 jobs and developing 140,000 sq m of commercial space.
Transport has always been central to the Strategic Economic Plan, lead fiercely by colleagues at Transport North East. The Annual Review details the significant investment that has been secured and released to drive forward the Transport Plan in 2022/23.
Helen Golightly, LEP Chief Executive Officer, said: “This Annual Review is full of activity that is driving forward our mission to deliver the North East Strategic Economic Plan. Our plan has always been to create 100,000 more jobs in the economy, of which 70% are better jobs, between 2014 and 2024 as we strive to create a stronger, greener and more inclusive economy for the region.
“It is currently a time of transition for the LEP following the exciting announcement of the North East Devolution Deal. The Annual Review details our commitment to a strengthened region-wide partnership working with colleagues to play our part in realising this ambitious, historic deal.”
