GFirst LEP response to Autumn Statement 2014

The Chancellor’s Autumn Statement brought good news to Gloucestershire today, as it was announced that Government will commit a further £1 billion to the country’s Local Enterprise Partnerships, to support the second round of Growth Deals.

This builds on GFirst LEP’s success in the first round of Growth Deals announced in July, where Gloucestershire were the only county to receive the full amount of funding that was asked, £62.5 million. 

Dr Diane Savory OBE DL, Chair of GFirst LEP, commented:

“The Chancellor’s announcement to commit further funding to LEPs, in addition to the recent Growth Deals is fantastic news for Gloucestershire’s economy. The additional funding will see a number of new initiatives launched, helping to create long term benefits for the economy of Gloucestershire and helping us to focus on ensuring we achieve the priorities set out in our Strategic Economic plan and continue to strengthen the county’s economy.”

Gloucestershire’s Growth Deal has already seen local projects succeed, as this announcement comes hot on the heels of Government investing to support GFirst LEP’s number one transport priority, the A417 Missing Link.

In anticipation of this GFirst LEP are in active dialogue with BIS regarding priorities for investment, that can now be pushed forward, with the commitment made within the Autumn Statement today. Allocations will be made early in 2015, which will help GFirst LEP achieve the aims set out in the Strategic Economic Plan, to strengthen and grow Gloucestershire’s economy.

Additionally, within the announcement there was great news for employers taking on apprentices that they will no longer have to pay National Insurance contributions for apprentices under the age of 25 years old. Also, businesses will benefit from the doubling of small business rates relief which will be extended for another year, as well as an increase in rates discount by 50% to help our retailers. As well as the tax-free personal allowance rising and the growth forecast for this year being higher than expected, the announcements are good news for businesses across the county and for Gloucestershire’s economy.

For more information about Gloucestershire’s Strategic Economic Plan and Growth Deal, click here