Oxfordshire is set to benefit from a £6m-plus Government grant to help increase the number of jobs in the county, improve local business and support its contribution to the national economy.
The grant, awarded by the Department for Communities and Local Government, comes from the £500m Growing Places Fund, which is designed to create new homes, jobs and businesses across the country. Decisions over how the money will be spent will be taken by 38 Local Enterprise Partnerships (LEPS) across the country, groups of local authority members and business people that aim to identify local priorities and drive economic growth and create jobs.
Oxfordshire’s LEP is in the process of making it’s membership more transparent and expects to decide how the grant will be spent when this process is completed in April. But current chairman Martin Dare-Edwards, UK manager of Abingdon-based firm Infineum, said job creation was key.
“We aim to increase the number of high-value-adding, sustainable jobs in Oxford and improve the local economy at a time when the balance is shifting from public sector to private sector," he said. “In the Oxfordshire community 50 per cent of people are employed in the public sector and the public sector are making cuts. This fund will help make up the difference by increasing the jobs in the private sector.”
The LEP has been given £6,128979 from the fund, which can be spent on initiatives that demonstrate economic growth, such as providing new housing for employees, improving transport infrastructure and supporting businesses. Mr Dare-Edwards said the money was unlikely to go towards helping the proposed East-West Rail link project, as any money invested had to demonstrate a quick financial return.
Local organisations can come forward with proposals for projects that they believe will meet the requirements of generating high-value adding jobs, boosting the economy and achieving short-term return. Any organisations that gain part of the fund will have to pay back the LEP, proving that their project is sustainable.
“We have to get the money back again and then it has to keep being reused. We need an expectation that we should be getting some kind of return by 2015,” Mr Dare-Edwards said. Oxfordshire has also been handed £1,068397 by the Department for Communities and Local Government, in New Homes Bonus funding.
The cash will be diverted to local councils to regenerate town centres, reinvest in local services, and 'reinvigorate' local assets. Housing Minister Grant Shapps said: “The Growing Places Fund will unlock further sites for development, creating new jobs in those areas, while the New Homes Bonus recognises the efforts that have been made over the last year to deliver thousands of new homes and bring empty properties back into use.
“I look forward to seeing how this significant investment will change the shape of communities across the country.”
