Investment is planned to boost Somerset’s economy using funding previously granted by Government to the former Heart of the South West Local Enterprise Partnership (LEP).
Somerset Council has a confirmed £5.2m of LEP legacy funds to invest, with most of that sum being capital funding. More money – at least £1.4m – is expected to be available by October 2029.
The Council’s Executive agreed on Wednesday 7 October to recommendations to spend the money on strategic economic development activities which are in line with the Somerset Economic Prosperity Strategy 2025-2045, and Government’s original intentions for the use of these funds.
Councillor Mike Rigby, Lead Member for Planning, Economic Development and Assets, said:
Our share of this legacy money represents a critical resource that will allow us to take forward strategic economic development activity that would not otherwise be possible.
We want to make the most of this funding and make the greatest impact that we can, taking on board input and advice from the Somerset Economic Growth Board.
We will be identifying strategic project activities that help us to capitalise on Somerset’s distinctive economic strengths and opportunities for economic transformation as well as to create an environment that stimulates and supports business start-up, scale-up, innovation and investment.
Somerset is already building on strong foundations for future economic success. It hosts two internationally significant investment projects: Hinkley Point C and the investment by Agratas in an electric vehicle battery gigafactory at the Gravity Enterprise Zone. There is also huge potential for economic growth through supporting enterprise and innovation among its 25,000-plus businesses.
