Berkshire infrastructure projects get £7.5 million ‘New Deal’ funding

Photo Shows: Reading Thames Valley Park
Reading Thames Valley Park

Thames Valley Berkshire Local Enterprise Partnership, in collaboration with the six Berkshire local authorities and other stakeholders, have secured £7.5 million from the government’s £900 million Getting Building Fund. The funding will support ‘ready to go’ projects to boost the local economy as part of the response to Covid-19 and economic recovery.

Peter Read, Chair of Thames Valley Berkshire LEP, said: “This additional £7.5 million will enable the LEP to bring forward some of our already extensive strategic economic programme of activity for Berkshire. To date, we have assigned nearly £172 million to infrastructure projects in the area, with nearly half of this money allotted to sustainable road, rail and cycle projects.

Thames Valley Berkshire LEP submitted an ambitious proposal of up to £45 million for 27 such infrastructure projects in Berkshire that could be completed by January 2022.

By the end of March 2021 the LEP will have allocated more than £142 million of Local Growth Funds and £36 million of Business Rate Retention Pilot monies on a programme of projects across infrastructure, skills, education and the business environment.

Alison Webster, Chief Executive of Thames Valley Berkshire LEP, added: “Thames Valley  Berkshire contributes  £42.5 billion to the UK’s GVA, the largest economic output of any LEP outside of London, so whilst we shall always welcome a greater allocation of funds we are determined to maximise the impact of this further contribution to the area’s recovery.

“I am delighted to announce that in June we secured local approval to proceed with seven infrastructure projects worth £7.4 million and later in July we aim to approve another five projects worth just under £5 million.”