Eligible councils will receive ‘up to’ £240,000 in 2024-25 to deliver the functions previously covered by Local Enterprise Partnerships (LEPs), the Government has said.
In a letter sent to local authority leaders and LEP chairs, levelling up minister Jacob Young and small business minister Kevin Hollinrake said the funding would be ‘subject to final business case and integration plan approvals’.
The ministers recognised that the funding for next year is a ‘small reduction’ on the £250,000 received by LEPS, and mayoral combined authorities that had already integrated LEP functions, for 2023-24.
They also maintained that funding beyond 2024-25 would be subject to future Spending Review decisions.
The Government has also published final guidance for local authorities on the core functions of business representation and local economic planning.
It was confirmed in August that LEP functions would be transferred to combined and upper-tier authorities, but councils have been calling for clarity on funding.
