Dorset Growth Deal
The Dorset LEP’s Strategic Economic Plan, ‘Transforming Dorset’, was submitted in March 2014 and was used for negotiations with Government for the Dorset Growth Deal. In July 2014, Dorset LEP was awarded £66.4 million from the Local Growth Fund, with a further £12.6 million awarded in January 2015, bringing the total to £79 million.
The Dorset Growth Deal will bring together a mix of local, national and private funding as well as new freedoms and flexibilities to focus on:
- Enabling growth in key housing and employment site
- Creating the right conditions for economic growth
- Supporting Dorset businesses
- Growing the Dorset skills base
In early 2016, the Dorset Strategic Economic Plan was refreshed. The new Dorset Local Strategic Economic Vision is to increase productivity and prosperity in our area over the next decade.
The Dorset Growth Deal funding has been allocated to a number of projects that will help transform the county through better transport, infrastructure, more housing, and more highly skilled jobs for all in Dorset.
The Growth Deal has provided funds for:
- Bournemouth International Growth (BIG) Programme
- Bournemouth and Poole College: Engineering & Manufacturing Project
- Bournemouth and Poole College: Financial & Business Services Project
- Bournemouth University and Arts University Bournemouth Business Park
- Dorset Enterprise Zone
- Dorset Growth Hub
Achievements to date
Local Growth Deals are designed to enable LEPS to better serve their local economy. The £79m Dorset Growth Deal programme expects to bring in £650m of investment to Dorset, along with 26,000 new jobs, and 3,000 new homes.
The Dorset Growth Deal has now reached the end of its first year, the Dorset LEP was awarded £24.35m of Growth Deal funding for 2015/16 to commence the delivery of four capital projects and the Dorset Growth Hub. By the end of March 2016, a total of £17.8m was spent across nine projects in the local economy; delivering 872 new jobs, 52 new homes and £225m of additional local investment for Dorset.
For further Dorset LEP Achievements, see our Reporting page.
Growth Deal 3
In the 2015 Autumn Statement a new £1.8bn round of Growth Deal was announced. At the March 2016 LEP Annual Conference Greg Clark, Secretary of State for Business, Energy and Industrial Strategy, said this would be an open competitive round of funding and LEPs should demonstrate ambition. The Strategic Economic Vision enabled the Dorset LEP to put projects forward for this new Growth Deal round and we submitted a bid in July.
The Chancellor announced in the Autumn statement that the South West, South East and London has secured £683 million for economic development in the latest round of Growth Deal funding. £191 million will be available for the South West. Details of how this Local Growth Fund will be allocated across Dorset and which projects have secured funding are expected shortly.
Lorna Carver, director of Dorset Local Enterprise Partnership said:
“We are pleased that the South West, South East and London region has been allocated £683 million for economic development. Dorset Local Enterprise Partnership submitted a strong and ambitious business plan to accelerate economic growth, jobs and skills across Dorset. We are now keen to understand from government how this regional figure will be broken down and which projects in Dorset have secured investment.”