Nearly 8,000 new jobs created by business group over past year
Business leaders are celebrating the start of 2024 by announcing key initiatives were instrumental in the creation of more than 7,800 jobs across the south west over the past 12 months alone.
The Heart of the South West Local Enterprise Partnership (LEP) says its work has helped to create the new positions and grow small and medium enterprises (SMEs).
It adds that it’s work has helped more than over 18,000 businesses to grow whilst ensuring 9,500 homes and businesses became connected to superfast broadband.
Major business support projects include the launch of the British Business Bank’s £200 million South West Investment Fund and the new Angel Investor Programme which aims to drive economic growth by identifying and supporting new investors.
‘The Heart of the South West LEP has been instrumental in supporting local businesses over the past year,’ says Paul Coles, CEO of South West Business Council and Board member of the Heart of the South West LEP.
‘Access to finance and free support is particularly important for our SMEs, who continue to face economic uncertainty and challenges around supply chains, talent, net zero and digitalisation.’
The Digital Leadership for SMEs training programme, led by Devon County Council with support from the LEP, launched in June to help small businesses enhance their digital capabilities.
The LEP will also be committing a further £1.3 million into developing the digital economy. It aims to work closely with ‘Connecting Devon & Somerset’ to support the rollout of superfast broadband to hard-to-reach communities.
Significant science and innovation projects
The team adds significant science and innovation projects were secured over the past 12 months, including The University of Plymouth Cyber Resilience of Offshore Wind Networks (CROWN) project which was supported by a £650,000 grant from the LEP.
The money will allow the team to create a purpose-built lab to identify potential vulnerabilities in wind turbines.
‘The LEP’s support has been crucial in advancing innovation in the region where national leading facilities exist,’ says Professor Judith Petts, Vice-Chancellor of the University of Plymouth and Board member of the Heart of the South West LEP
‘Projects like CROWN showcase the LEP’s commitment to innovation, which aligns with our vision to address real-world challenges through cutting-edge solutions.’
Plymouth Science Park secured £500,000 for a new digital engineering test facility. The technology will offer businesses a digital engineering test facility for reverse engineering, design, manufacturing and validation of additive manufactured prototypes and products.
Significant strides in infrastructure included the development of business units in Plymouth and Torquay.
The team add that the opening of Marsh Barton Railway was underpinned by a £4.4 million investment from the Growth Deal fund. More than 550,000 journeys have been made in the first two years of the Dartmoor Line reopening.
The LEP team is looking ahead ‘to deliver a smooth and orderly transition of LEP functions to Local Authorities at the end of March, with key developments expected to be announced at the end of January.’
Funding for the Heart of the South West Growth Hub
It adds that funding has been secured to continue the Heart of the South West Growth Hub service for until March 2025, with local funding agreed to avoid a ‘cliff edge’ in support should Government funding be delayed.
Proposals and a business case for a new Social Impact Fund launched by the LEP will be presented to the Board in January.
The fund will help address local challenges in housing, deprivation and low wages, through investments that deliver both social and economic benefits.
The team also aim to set out a partnership to deliver the UKs first aviation test centre and are awaiting further announcements on the Enterprise Zones at Gravity, Exeter and Oceansgate in Plymouth which includes the Freeport.
‘We are proud to play a pivotal role in driving economic growth, fostering innovation, and creating positive social impact,’ says Karl Tucker, Chair of the Heart of the South West LEP.
‘Our focus now is on a smooth transition of the core LEP functions to the Local Authorities in April, whilst ensuring that our businesses continue to be championed, and have their voices heard in the future of economic delivery.’
