Magazine article Public Finance

Single-Funding Pot Signals 'False Dawn'

Magazine article Public Finance

Single-Funding Pot Signals 'False Dawn'

Article excerpt

The government should learn from previous public spending reforms when it introduces the Single Local Growth Fund for Local Enterprise Partnerships, business leaders have said.

Chancellor George Osborne's Budget confirmed that ministers would merge some current Whitehall spending on training, housing and transport into a new single-funding pot.

Allocations for the pot will be decided in the June 26 Spending Review, when LEPs' bids for the cash will be based on 'strategic multi-year plans for local growth'. This will implement one of the key recommendations former deputy prime minister Lord Heseltine made in his growth review, published last year.

However, the British Chambers of Commerce warned that the allocations could be a 'false dawn' unless obstacles confronting previous decentralisation initiatives could be overcome.

The LEP Network, which brings the 39 existing partnerships together to engage with government and share good practice, was founded by the BCC. …

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