Business and local authority leaders in Birmingham, Solihull, East Staffordshire, Lichfield and Tamworth are celebrating after the Government informed them that it has approved their proposals for a Local Enterprise Partnership (LEP).
In June 2010 the Government has challenged business leaders and local authorities to join together to create LEPs that cover natural local economies. LEPs are intended to have the responsibility for helping strengthen local economies, encouraging economic development and enterprise, and for improving skills.
Fifty six areas across England submitted similar proposals for LEPs, but less than half have been approved.
The successful joint proposal from business leaders and the local authorities in Birmingham, Solihull, East Staffordshire, Lichfield and Tamworth was underpinned by a desire to:
- Increase economic output (GVA) in the area by £8.25 billion by 2020
- Create 100,000 private sector jobs by 2020;
- Stimulate growth in the business stock and business profitability;
- Boost indigenous and inward investment;
- Become global leaders in key sectors, including: automotive assembly; low carbon R&D, business and professional services; financial services; clinical trials; creative and digital sectors;
- Increase the proportion of adults with appropriate qualifications to meet employment needs.