A South West Local Enterprise Partnership (LEP) that is being scrapped later in the year says it has created thousands of jobs and generated millions of pounds for the regional economy since being formed.
The Heart of the South West LEP, which covers Devon, Plymouth, Somerset and Torbay, said more than 7,000 jobs had been created since it was set up in 2011 as a direct result of its funding, generating more than £2.3bn Gross Value Added (GVA) for the region.
A new impact report by the LEP said more than 20,700 jobs would have been created and £6.8bn of GVA generated by March 2025, through projects which have supported areas of competitive advantage, infrastructure, innovation, business support, people and skills.
But the LEP is being wound up in April 2024 as part of government plans, announced last year, to give control of funding to local authorities. All 38 LEPs in England are being axed and the cash earmarked for them will be allocated to mayoral combined and some local authorities instead. The Heart of the South West will see its assets and functions transferred over to either Devon County Council or a new Devon and Torbay combined authority.
Karl Tucker, chair of the Heart of the South West LEP, said: "We are immensely proud of the achievements we've made in driving economic growth and job creation across the South West. This report not only reflects our commitment to sustainable development but highlights the critical role LEP funding has played in shaping the region's economy, productivity and job creation."
The impact report evaluated the outcomes of three key funding streams: the Growing Places Fund; Local Growth Fund; and Getting Building Fund, which collectively have a total investment of £582m across over 100 projects.
The Heart of the South West LEP said more than 810 jobs were created through Growing Places Fund initiatives, which will generate £260m of GVA. Its Local Growth Fund projects created 5,560 jobs - and are forecast to reach 17,640 - although these are unlikely to be created by March 2025, it said.
Meanwhile, Getting Building Fund projects have created 750 jobs, with a forecast of 2,250 jobs to be created by March 2025, although the report said it would be "most likely after this date". The GVA generated by jobs created to-date is £296m - and this could eventually become £874m.
The report also outlined recommendations for future investments, emphasising the need for a "robust strategy, realistic project targets, and a continued focus on areas of competitive advantage, infrastructure, innovation, and skill development".
LEPs were introduced by the coalition government in 2010. They are non-statutory bodies responsible for local economic development in England. They are business-led partnerships that bring together the private sector, local authorities and academic and voluntary institutions.
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