Government agrees LEP expansion deal

Wed 4 February 2015, 3:25 pm

The government has agreed an increase to the Local Enterprise Partnership’s (LEP) growth deal for Thames Valley Berkshire, which will see an extra £10.2 million invested between 2016 and 2021.

This is in addition to the £96.9 million of funding for the LEP in July 2014. The LEP estimates that up to 20,000 jobs could be created and 12,000 homes built by 2021 because of the funding. 

Work to improve stations near Reading – including Langley and Burnham – are to be carried out as a result of the investment, in advance of Crossrail, which is scheduled for 2019.

Property services and investment management company, JLL, has launched an interactive tool to assess the impact of Crossrail on housing near the 38 planned stations along the route.

For Reading, a 42% house price growth is forecast by 2020 with rental growth forecast to rise by 27%.

Reading is also the 10th most likely destination to see new town centre residential development as a result of Crossrail, according to the app.

The growth deal is part of a long-term plan to devolve at least £12 billion from central to local economies, and build on the strength of the Thames Valley Berkshire area.

Nick Clegg, the deputy prime minister, said: “A quiet revolution is underway in the Thames Valley, in Berkshire and across the country, as growth deals signal the death of the culture where Whitehall calls the shots.

“I’ve seen for myself the difference it makes to give this area more power over skills, over business support, over infrastructure spending.”

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