LEP welcomes Government ‘major transport’ funding decision
Today, 23 January 2013, the Government announced plans to allocate ‘major transport’ funding to the Sheffield City Region, including some funds from East Midlands members. This decision could mean devolving over £113 million in funding for investment in local major transport schemes in the Sheffield City Region over the next ten years.
The decision has been welcomed by Sheffield City Region LEP Chairman James Newman. James said:
“I am pleased that the Government has listened to local leaders to allocate ‘major transport’ funding to the Sheffield City Region. This decision is in line with our request that Government’s devolve funding powers to functional economic areas to ensure more effective use of tax-payer money on infrastructure projects.
“Their decision is encouraging for future funding allocation decisions. It strengthens the progress that local leaders have made working across regional boundaries and reinforces future partnership activity across the Sheffield City Region economic area.
“When the final allocations are made I am confident that the Government will take into account the wishes of local leaders in recognising the strong economic geography of the Sheffield City Region in full.”
The decision by Government could have further implications in terms of how Government devolves powers to the Sheffield City Region, including how ‘single pot’ or European funds are allocated in future.
Derbyshire Dales officially joined the Sheffield City Region LEP board in January and it is expected that this will be reflected in the Government’s final allocation decision.
See http://www.gov.uk/government/publications/devolution-of-funding-for-local-major-transport-schemes-indicative-funding for more information on the Government’s announcement.