Leicestershire LEP could generate £3.5bn for local economy

The Leicester and Leicestershire Enterprise Partnership Limited (LLEP) could generate £3.5bn for the local economy, according to independent financial consultants.

Focus Consultants was asked analysed the impact and value for money of 20 of Leicester and Leicestershire’s flagship regeneration projects, such as Leicester Waterside, MIRA Technology Institute, Melton Livestock Market, Leicester Space Park and various transport infrastructure investment across the city and county.

They calculate that the £126m already invested in Leicester and Leicestershire through the Local Growth Fund Programme could lead to a return of £28 for every £1 invested.

The evaluation particularly focused on understanding the current and projected long-term impact that the projects will have for the Leicester and Leicestershire economy.

They found that the full benefits of some of the schemes supported, such as those which open up housing land, create improved transport links or support business growth, will continue to be felt for years ahead.

The analysis also identified that the new homes brought forward under the scheme could generate an additional £133million for the local economy, the new business floorspace created will be able to hold an additional 7,500 workers, and the investment in Superfast Broadband could benefit the LLEP economy by over £15m per year.

Heather Frecklington, Partner of Focus Consultants said: “This has been a really interesting study for Focus Consultants as there haven’t been many evaluations of the Local Growth Fund across the country to date and it’s great to start understanding the impact of such a major investment. The diversity and quality of projects across Leicester and Leicestershire has been really impressive and it’s been fascinating to get to know the projects better.

Helen Miller, Head of Programmes at the LLEP added: ‘The purpose of the Local Growth Fund is to drive growth across Leicester and Leicestershire.

‘We have invested £126m in 20 projects across 4 themes including enhancing transport connectivity, investing in skills infrastructure and business support, extending the availability of superfast broadband and investing in flood risk management.’

Photo Credit – Focus Consultants