(a)

the LEP had capitalised on existing competiveness funding, where approximately £8m had been ring-fenced for Plymouth through the urban Enterprise programme; 

(b)

the LEP was awarded £21.5 as part of the Growing Places Fund, a new funding initiative to assist stalled projects in the region, in Plymouth the Millfields and Ocean Studios had bid for funding;

(c)

Plymouth had been successful in receiving funding from the Pinchpoint Fund, a highways related fund, with this money being spent on highways improvements on the A38 Manadon slip road;

(d)

the LEP and Council were working closely with Finetubes, a company operating in Plymouth that were recently taken over by Watermark, an American Venture Capital Company, to ensure that investment was delivered locally by providing local investment opportunities and setting up dialogue sessions with other major regional businesses including EDF Energy;

(e)

a locally based funding source was being looked at to provide funding for local small businesses;

(f)

Plymouth had been invited into the second round of bidding for a City Deal, a new programme designed to enable economic growth through greater financial and legislative freedoms, and it was hoped if successful the programme would enable Plymouth to assist the Government in delivering growth in Plymouth and the surrounding areas.

(g)

Cornwall’s LEP and Cornwall Council had been fully consulted on the City Deal and were both engaged in the process;

(h)

the idea of operating a ‘Plymouth Bank’ or something similar was being discussed as part the City Deal;

(i)

Local Transport Boards were being created by the Government to deliver better value for money on local highways and transport issues;

(j)

the LEP were approaching local investment from the perspective that inward investment was probably not achievable in the current economic situation and instead there was a focus on re-investment from existing companies;

(k)

building relations with investors and improving confidence with existing regionally operating companies was vital for local economic growth and key to achieving this was to demonstrate the qualities on offer in the region and to improve on productivity levels through investment in local connectivity such as broadband;

(l)

the LEP and Plymouth City Council were keen on increasing signage referring to Plymouth on motorways throughout the South West.

(1)

that the answers to the questions posed by the panel are noted;

(2)

to invite Tim Jones and the then appointed Chief Executive of the LEP to attend the panel’s meeting in May 2013 to provide an update and review progress since November 2012.