Local Growth Fund
The Government has confirmed the importance that it places on LEPS to drive private sector-led economic growth of the UK economy. It has renewed its commitment to deliver the £12 billion Local Growth Fund between 2015-16 and 2020-21, paving the way for future Growth Deals.
A £46.7 billion capital investment over the next five years on High Speed 2 (HS2), roads and local transport, with £475 million of new funding to support construction of large local transport projects.
The housing budget is being doubled to £2bn a year, in an attempt to deliver 400,000 new homes by the end of the decade.
From 2020 local councils will be able to keep money from business rates collected from shops and businesses, to spend on local services like street repairs, libraries and transport.
The Government will also extend the doubling of small business rate relief in England for another 12 months, up to April 2017. It is also said to be undertaking a review of current business rates; this review will be announced at the 2016 Budget.
At the Summer Budget it was announced that three million new apprenticeships will be created by 2020, funded by a levy on large employers. The levy will come into effect in April 2017, at a rate of 0.5% of an employer’s pay bill.
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