Plymouth could be in line for a slice of Government 'mega-fund'
PROPOSALS for a 'mega-fund' which could boost economic growth and create jobs in Plymouth have been backed in Parliament.
Handing Whitehall cash down to grassroots decision-makers was the centrepiece of a blueprint drawn up for the Government by ex Tory Cabinet Minister Michael Heseltine.
However, details over the amount of cash that would be made available will not be announced until later this year, and the Government has indicated it would be less than the £70billion identified by Lord Heseltine.
In its response to the Heseltine review, the Treasury agreed that transport, housing, and skills would be critical to the fund.
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But it added: "There are some funding streams where the principles…point strongly to the majority of spend continuing at a national level.
"This is certainly the case for innovation funding, where specialisation not duplication is essential."
The creation of a single funding pot was among 81 out of 89 recommendations made by the Tory peer in his report No Stone Unturned, that were accepted by the Government.
Lord Heseltine said for too long Whitehall departments and civil servants had 'stifled' growth outside London.
A spokesman for the Heart of the South West Local Enterprise Partnership said: "We welcome the potential to be more closely involved in setting the strategic priorities for the area and enabling our economy to grow. More funding and investment targeted at a local level can enable us to make the most of our assets and identify real opportunities to drive growth across the peninsula."