LEP funds mean business for Somerset

Aug. 10, 2011 - PRLog -- A total of £170,000 – 100 per cent of the requested funding – has been granted in order to help set up the infrastructure of the LEP, which covers Somerset, Devon, Plymouth and Torbay.

Rupert Cox, Chief Executive of Into Somerset, comments, “These funds will help to get the ball rolling, enabling the launch of the economic growth and employment plans that were identified in the LEP proposal. Plans such as achieving 85% geographical coverage of superfast broadband across the region by 2018, which the recent £30million of government funding for this purpose has already set in motion.

“Into Somerset was part of the group of organisations involved in the bid for superfast broadband funding and from Somerset’s perspective, faster broadband is one of the keys to unlocking the county’s £9billion economy to the global market, improving the county’s competitive edge for inward investors. Two-way flow of e-communication is of paramount importance, completing the exceptional package that Somerset already offers businesses and inward investors looking for a new base.

“Overall the LEP’s plans will enable existing businesses to flourish as well as helping business start-ups, with the aim of creating around 50,000 jobs and 5,000 new businesses across the region by 2030. This is a very exciting time for the area, which now has a good head-start towards its goal of renewed economic prosperity.”

A concerted inward investment drive forms part of the LEP’s priorities, with a particular focus on attracting foreign direct investment. Into Somerset is already working closely with French-owned EDF Energy regarding the Hinkley Point C new nuclear build development, which is expected to generate £10billion of investment over the next decade. As well as helping to develop the Hinkley Supply Chain Portal, www.hinkleysupplychain.co.uk, where businesses can register their interest, capabilities and accreditations, Into Somerset continues to develop relationships with businesses and organisations influential in the nuclear new build sector. Attending, exhibiting and speaking at recent nuclear focused events in London, including the Franco-British Nuclear Suppliers Forum and the Nuclear New Build 2011 Conference, has enabled them to make some great contacts with British and overseas companies that are looking for supplier partners in Somerset for this once-in-a-generation business opportunity.

Into Somerset is also developing a growing relationship with other nuclear hosting counties, identifying synergies where Somerset companies involved in the nuclear new build at Hinkley Point can benefit from similar projects elsewhere, and vice versa, all helping to influence the local investment agenda.

Into Somerset offers a tailored business relocation service, giving advice and information to facilitate the process. To find out more about the many varied opportunities that Somerset can offer, or for advice and guidance on setting up a business in Somerset call on 0845 1222 066 or visit www.intosomerset.co.uk.