Government funding set to boost local economy

By Steve Carpenter Friday 08 February 2013 Updated: 08/02 17:21

CITY Council has been chosen to oversee the allocation of nearly £38 million of Government funding which is set to boost economic growth across the region.

The Coventry and Warwickshire Local Enterprise Partnership (LEP) has secured public funding via £24.4 million from the Regional Growth Fund (RGF), £12.8 million from the Growing Places Fund and £0.625 million of LEP Core Funding.

Legally, a local authority is needed to act as the accountable body for the funds.

And the council is set to be recommended for the role when the matter is discussed at the next Cabinet and then full Council meeting.

Conn Lynnette Kelly, Cabinet Member for city development and Board Lead of the LEP Planning Business Group, said securing the funding was fantastic news and would lead to stimulating jobs, investment and economic growth in the area.

She said: “A local authority is needed to act as the accountable body because its financial and monitoring systems will safeguard this public money.

“We have well established procedures for handling public funds to ensure the best possible value is achieved.

“These initiatives will unlock economic opportunities across the sub-region which will lead to the creation of jobs which is great news for everyone who lives and works in the area. We look forward to working closely with the LEP.”

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