The new Local Enterprise Partnerships

Download or read book The new Local Enterprise Partnerships written by Great Britain: Parliament: House of Commons: Business, Innovation and Skills Committee and published by The Stationery Office. This book was released on 2010-12-09 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report indicates broad support for the creation of Local Enterprise Partnerships as a way of addressing local growth. In particular the potential of LEPs to offer a greater focus on local economic needs, and build on the affinity between business, local government and other partners at a local level is recognised. Whilst it is right that LEPs should compete at certain levels it is equally important for them to collaborate, particularly with the Regional Development Agencies, where it makes economic sense. Local Enterprise Partnerships are being introduced quickly and at a time of greatly constrained public funding. There is concern that in the short term LEPs will need know how and powers and in some cases financial resources to make a positive difference. Government will need to be willing to devolve power to LEPs and in certain cases be willing to support LEPs at inception. If LEPs are to be a success, the Department's transition team will need to focus in three areas: retain RDA know-how, realising the full potential of RDA assets, and leveraging potential EU funding