Somerset Council receives £5.2m after local partnership abolition
Summarised from 2 outlets · Updated 17 Oct, 13:02 · Archive
Somerset Council has received £5.2m following the abolition of the Heart of the South West local enterprise partnership in April 2024.
Somerset Council has received £5.2m in legacy funding following the formal abolition of the Heart of the South West local enterprise partnership (LEP) in April 2024 under then-prime minister Rishi Sunak. The LEP had brought together councils in Somerset, Devon, Plymouth and Torbay to drive economic growth and job creation through strategic investment in infrastructure. Its responsibilities and remaining funding were transferred to the relevant local authorities.
Somerset Council's share amounts to £5,223,909. Of this, £4,599,494 is capital funding that can be spent on new projects such as roads, business hubs and broadband infrastructure, and £624,415 is revenue funding to cover day-to-day staffing costs and overheads. The council will also receive a further £1,456,000 in October 2029 when a long-term loan matures, following repayment of a loan made to an unnamed business within the LEP area through its growing places fund.
The council has welcomed the funding but says Somerset needs to secure a devolution deal with central government to attract far higher levels of investment and drive sustained economic growth.
How it is being reported
- Somerset Council pushes for devolution funding boost after £5.2m windfallSomerset Council will receive millions of pounds for economic development after the abolition of the Heart of the South West local enterprise partnershipBridgwater Mercury · 17 Oct, 12:00
- Somerset Council pushes for devolution funding boost after £5.2m windfallSomerset Council will receive millions of pounds for economic development after the abolition of the Heart of the South West local enterprise partnershipSomerset County Gazette · 17 Oct, 12:00
In this story: Somerset Council · Heart of the South West · Somerset · Devon · Plymouth · Torbay · Rishi Sunak
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