Thomas Bridge 31 October 2014

London backs £70m local growth programme

A £70m plan to use New Homes Bonus cash to boost economic growth and employment has been green lit by London leaders.

Members of the London Enterprise Panel this week approved job creation and growth proposals from all 32 London boroughs and the City of London.

Projects form part of the panel's New Homes Bonus programme, which is funded through the controversial grant paid to local authorities that raise the number of local homes.

Some 130,000 square metres of public space are expedited to be regenerated under the programme, alongside development of 180,000 square metres of workspace, support for over 6,600 Londoners into work and the launch of 720 businesses.

London mayor and chair of the London Enterprise Panel, Boris Johnson, said: 'This important scheme will mean that building vital new homes also provides our boroughs with funding to be used to create thousands of new jobs, improve infrastructure and boost skills across the capital.

'It is a good example of team work between the boroughs and the London Enterprise Panel, which will help to ensure London remains the best place to live, start a business and to invest.'

Cllr Claire Kober, London Councils' executive member for regeneration and infrastructure, said: 'This is a good day for Londoners. These proposals will transform high streets, create apprenticeships, support entrepreneurs, help more of our young people and long-term unemployed into work and foster innovations in new technology.

'Boroughs have brought their knowledge and experience of local communities to bear in the design and development of this programme and have worked closely and collaboratively with the Mayor and the Greater London Assembly to ensure the best deal for our residents.

'These projects show how effectively London local and regional government and the LEP can work together to boost economic growth and provide opportunities for Londoners.'

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