equity to companies with aspirations to grow quickly and create jobs, who may have been unable to find conventional finance due to insufficient track-record. It has invested £16.98m into local businesses and created/safeguarded 1,198 jobs at end March 2022. It also raised £47.66m of private funding by approved clients either alongside or after LEP intervention, and supported 93 SMEs as part of the scheme. Berkshire LEP has also invested £4,280,628 of Local Growth Funds to the end of March 2022 into 14 skills capital projects. In addition, £3,488,806 of Getting Building Funds are being invested into 13 skills capital projects. These projects were designed to raise the quality and provision within priority job sectors, ensure an increase in higher education within Berkshire and support the development of a young workforce. Government’s Levelling Up White Paper, published earlier this year, showed its commitment to certain locations across the North of England and how to support their respective economic ambitions. However, levelling-up is not just applicable in the North of England, but also in areas like Berkshire. Despite Berkshire’s proximity to London and attractive place to work and live, there are these kinds of areas that suffer from a variety of socio-economic issues that continue to cause difficulties. “Covid-19 led to a massive economic shock, coming after the 2008 financial crisis and the UK’s exit of the EU,” elaborates Margot. “When we entered 2022, we then faced the consequences of the war in Ukraine, which has led to a cost-of-living crisis, with inflation at nine per cent, its highest level for 40 years.” The cost-of-living crisis is the biggest challenge facing business and people right now. Government intervention is necessary to address this, and Berkshire LEP is committed to continuing its focus on the high-level issues that will continue to support businesses and people. The Berkshire Local Enterprise Partnership (LEP) is a business-led, multi-sector partnership mandated by government to lead activities that drive local economic growth. To date it has secured and allocated £182m of UK and European public funds to deliver a wide range of initiatives in the Thames Valley Berkshire area. We find out more as it wins such a notable accolade in the Southern Enterprise Awards 2022. Berkshire LEP is a company limited by guarantee and one of 38 LEPs in England that have competed for public funds to invest in initiatives that address barriers to economic growth. It is a strategic, business-led partnership between the private sector, local government, the community and education sectors, as well as the main business organisations. The LEPs aim is to bring about the sustainable economic growth of Berkshire through the implementation of a Recovery & Renewal Plan. Having a business-led, local response to recover and rebuild the economy has been and remains critical. Berkshire LEP has not only directed funds but has enabled and facilitated levels of private investment into local areas. In the past 10 years, Berkshire LEP has worked hard to identify and invest approximately £203m projects, such as Growing Places Fund, Local Growth Deals, Getting Building Fund and the Berkshire Business Rates Retention Pilot, from infrastructure and digital to skills and business support, in order to support the growth of Berkshire’s economy. The LEP’s Berkshire Growth Hub delivers the government funded business advice service and supports small and medium sized enterprises in Berkshire to achieve sustainable business growth. Since its establishment in 2014, the Growth Hub has supported 5,788 businesses. “We have knowledge of local and national offers that can support your business,” explains Head of Communications, Margot Tomkinson-Smith. “So, whether you’re starting, running, or growing your business, we can provide information and resources to help, utilising the range of support that is available from the public, private, and voluntary and community sectors.” Continuing to support businesses in Berkshire, the LEP’s Funding Escalator offers loans and Best Business Support Enterprise – South East Aug22618 “We will not lose sight on the importance of levelling up, sustainability, future skills and developing strategies for sustainable collaboration. Many see Berkshire as affluent, its residents unaffected by these forces. The Berkshire Recovery & Renewal Plan highlights some places within Berkshire, especially Reading and Slough, suffering serious deprivation. Poorer people across Berkshire are struggling. Margot adds, “Local businesses are firefighting, that’s the reality right now for them too. From energy costs to supply chain disruption, skills shortages and a shifting export landscape, Berkshire business owners our Berkshire Growth Hub is speaking to are contending with a perfect storm of challenges on all fronts.” Recently, as recognition of its commitment and dedication to supporting the people and businesses of Berkshire, the LEP was awarded the title of Best Business Support Enterprise – South East in the Southern Enterprise Awards 2022. As we look to an uncertain financial future, it seems that the LEP must work even harder to achieve its objectives. With the Government announcement of the UK Shared prosperity fund (UKSPF), which will be distributed to local authorities across the UK with the purpose of supporting local needs, and subsequent reviews conducted by the Berkshire Growth Hub to find out how best to utilize these funds, the Hub provided a suite of options to local authorities which resulted in the agreement to run two programs. Its start-up Programme and High Growth Programme, both of which will commence in January 2023 and the future looks incredible. Contact Details Contact: Margot Tomkinson-Smith Company: Berkshire LEP Web Address: www.thamesvalleyberkshire
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