Since the General Election the Government has shown a clear commitment to the Northern Powerhouse, which remains vital to the Government’s growth plans – so much so that they have recently appointed a minister to take responsibility for driving it.

This appointment, combined with the Leeds City Region (LCR) Local Enterprise Partnership’s (LEP’s) £578m Growth Deal, the £420m Transport Fund announced in July 2014, the LCR devolution deal agreed between the Government and the West Yorkshire Combined Authority in March this year, and talks around HS2 and HS3, suggest we have a lot to look forward to.

But what does all of this really mean for businesses in the area?

David Cameron said that Growth Deals “are all about backing local people and investing in infrastructure, housing and skills that will drive forward local economies, create more jobs and opportunities for hard working people and supercharge all parts of the country.”

Some big claims – but they have “put their money where their mouth is”, so it will be interesting to watch how this progresses. Some of this money will filter through to the funding support available to local businesses through the LEP, including the Business Growth Programme - grant funding of between £10,000 and £500,000 is available to SMEs based in the LCR, or planning to invest here to create new jobs and business growth.

Grants of £1m and more are available through the Regional Growth Fund to support business growth and sustainable job creation. Additional funds accessible through the LCR LEP include the Growing Places Fund and the Revolving Investment Fund.

The devolution deal promises businesses in the LCR easier access to the support and funding they need to grow and “a more flexible relationship with UKTI” to help them break into export markets, particularly those businesses working in fast-growing sectors. The deal also supports the creation of more positions for apprentices, addressing skills shortages in West Yorkshire’s key industry sectors.

With all of these positive changes being implemented, now is a good time for businesses looking to grow. All we need now is for the LEPs across the region of the Northern Powerhouse to pull together and work collaboratively for the benefit of the whole business community in our area.

Start the conversation today Call us on 01274 876 333 or visit www.bhp.co.uk