A new initiative has been introduced by the Leeds City Region Enterprise Partnership (LEP) in collaboration with the West Yorkshire Combined Authority to address the productivity gap in Leeds compared to the national average.
The LEP aims to boost local business productivity through capital grant investments. The pilot programme, which started on 17 September, offers capital grants to companies that can demonstrate investments leading to improved productivity. Interested businesses can apply for grants ranging from £25,000 to £100,000 until 14 December 2018.
Cllr Susan Hinchcliffe, chair of the Combined Authority and Leader of Bradford Council, emphasised, “Boosting productivity is a top priority for the Combined Authority and LEP to develop a strong, socially inclusive economy that works for everyone in the region.” She further noted that productivity gains in the Leeds City Region and the North of England would benefit local people through increased living standards and better jobs. Strengthening the region’s economy, in turn, contributes significantly to the national economy, improving competitiveness and driving growth.
Hinchcliffe believes that the pilot will help capture practical learning and better meet the needs of businesses, putting the City Region at the forefront of developing evidence-led interventions on productivity to inform national policy decisions.
Roger Marsh, OBE, chair of Leeds City Region Enterprise Partnership, asserted, “Bold long-lasting steps are needed to address the UK’s productivity levels,” including putting in place a long-term approach to help SME owners invest in training, research and development, and innovation. He explained that the pilot would allow the LEP to test the best approaches to drive productivity, led by and for the private sector. The capital grants, aimed at investing in new machinery, equipment, and fit-out, further bolster the LEP’s support for businesses.
Marsh encouraged all firms in the region to engage with the initiative to maximise their productivity potential.
The pilot programme by LEP and the West Yorkshire Combined Authority seeks to narrow the productivity gap in Leeds through targeted capital grant investments, promoting a more inclusive and competitive regional economy.