United Kingdom

Details

  • Industry: Government & Public Sector, Local Government
  • Type: Press release
  • Date: 28/06/2013

Modest single local growth fund should drive fiercely competitive City Deals 

 

Commenting on the announcement by Danny Alexander, chief secretary to the Treasury, that a total £20bn of funding will be available to LEPs between 2015 and 2020, Kru Desai, who leads KPMG’s Local & Regional Government practice said:

 

“It’s unsurprising that, despite - finally - getting their hands on money to invest in local economic growth, £2bn of single local growth funding annually from 2015 seems a small sum to the country’s LEPS, given Lord Heseltine’s - admittedly ambitious – ‘opening bid’ of £70bn over four years. Indeed, there is already fresh lobbying for this ‘single pot’ to be larger.

 

“This means City Deals remain of huge importance to those City Regions with a vision for reinvention. But their plans will have to stand out in a crowd given the government has reiterated there will be a competitive element to securing a share of the £500m City Deal fund.

 

“We know other City Regions are looking at the progress made in Greater Manchester, which has its funding agreed, including an innovative earnback, so it will receive a share of the tax revenue to come on the back of local economic growth. This represents new, additional funding which will be of interest in an ‘every penny counts’ context.”

 

-ends-

 

Follow us on twitter: @kpmguk #SR2013

 

www.kpmg.com/uk/spendingreview2013

 

For further information please contact:

 

Alison Anderson, KPMG Corporate Communications

Mobile: 07733 453 065

alison.anderson@kpmg.co.uk

 

KPMG Press office

Tel:  +44 (0) 207 694 8773

                         

 

 

About KPMG

 

KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 12,000 partners and staff.  The UK firm recorded a turnover of £1.8 billion in the year ended September 2012. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 156 countries and have 152,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  KPMG International provides no client services.

 

Share this

Share this