D2N2 – the Local Enterprise Partnership for Derby, Derbyshire, Nottingham and Nottinghamshire – was today allocated 249.7million euros (£213.6m) of EU Growth Programme funding.
The announcement was made today by the Rt Hon Dr Vince Cable MP, the Secretary of State for the Department of Business, Innovation and Skills.
It came as he confirmed how the 6.2billion euro England allocation of the European Regional Development Fund (ERDF) and the European Social Fund (ESF) will be allocated between 2014 and 2020.
The European Regional Development Fund, the European Social Fund and part of the European Agricultural Fund for Rural Development (EAFRD) will be allocated to Local Enterprise Partnerships (LEP) areas for a full seven-year period through a new decentralised EU Growth Programme.
The Rt Hon Dr Cable MP said: “The government has given a commitment that the Growth Programme Funds will be allocated to Local Enterprise Partnership areas as an important new source of finance to stimulate local growth and jobs.
“This marks a significant shift from previous European programmes which were substantially centralised with limited local involvement in many key areas. Under this new model, decision-making powers will be transferred from Whitehall to local areas.
“LEPs and local partners will be in charge of European Funds that will provide significant investment in innovation, business, skills and employment in a common agenda for growth and jobs that will integrate effectively with wider LEP Strategic Plans.”
D2N2 Chief Executive David Ralph said: “The confirmation of funding through the European Structural Fund allocation is very welcome news and a crucial part of our Growth Plan in the D2N2 region.
“As a result this allocation of meaningful resources, one of the largest in the country, will help increase economic growth in the Derbyshire and Nottinghamshire area.”
All allocations are subject to final agreement on the EU regulations and the EU 2014 to 2020 Budget in the European Parliament. The European Commission will also need to agree the UK Government’s specific proposals.
