The LEP's Eight Fundamentals
To bring about sustainable economic growth of the Thames Valley Berkshire (TVB) sub-region through the implementation of a Strategic Economic Plan (SEP) [for TVB]. [Sometimes leading; sometimes co-ordinating; sometimes as advocate; sometimes delivering; always basing interventions on evidence provided in support of the Plan]
A net GVA uplift of well over £700m by 2021 to sustain the area’s status as the most productive sub-region in the UK. This translates into an average growth rate for the sub-region – in real terms – of around 3% per annum.
The vibrancy of our business community will be internationally envied. The ambition and creativity of our established businesses will be energised through strong, knowledge-rich networks. Our workforce will be the lifeblood of our economy: young people will be inspired and older workers valued. Our infrastructure will match the scale of our ambition and potential. And people will choose Thames Valley Berkshire as the place to live and work.
Strategic Economic Plan (SEP)
Its overarching priority is to secure better access to talented people and bright ideas, and to use both more effectively. Its six key objectives are to:
- Use better those who are already in the workforce
- Inspire the next generation and build aspirations and ambition
- Ensure that economic potential is not restricted by labour supply
- Ensure that knowledge is effectively commercialised and grown within TVB
- Strengthen networks and invest in the ‘soft wiring’ to use ideas better
- Make TVB’s towns genuine hubs in the ideas economy
Funding the SEP
- A Growth Deal with the government worth £142m over the period 2015 to 2021. This is conditional on the LEP meeting 36 commitments set out in the Deal
- Its £15m Growing Places Fund; a revolving loan fund
- Its investment strategy for over £25m of EU funds allocated to TVB
TVB LEP was endorsed by government on 28 October 2010. It has no statutory powers. However, TVB’s six unitary authorities have all approved the Strategic Economic Plan and are embedded in the LEP governance structure alongside the community sector, education sector (HE & FE) and the business organisations (CBI, IoD, FSB & Chamber).The LEP will co-ordinate the efforts of these partners in support of the SEP, whilst avoiding duplication of their individual agendas and activities.
TVB LEP is a company limited by guarantee with seven (FTE) posts. It acts as the engine of a wider strategic partnership, which is chaired and led by senior business figures. As custodian of public funds it operates within an Accountability & Assurance Framework, and is accountable to the Department for Communities & Local Government.
Berkshire at the centre of the wider Thames Valley.