The government has announced that the Exchequer Secretary visited Leicester yesterday (29th September) to see how growth in the city’s space sector can be boosted through the Levelling Up Fund.
Nearly £20 million of government investment is set to deliver high-quality spaces for advanced manufacturing, as well as research and development, linked to space and satellite technology. This all has the aim of driving rapid expansion off technology, innovation an science businesses in Leicester.
This announcement comes as one of thee 10 areas in the East Midlands that will be receiving a share of £203 million that comes as part of the first round of the Levelling Up Fund, worth £1.7 billion.
Felicity Buchan, Exchequer Secretary, said following her visit:
“It’s fantastic to see how our investment will turbocharge growth in Leicester’s rapidly expanding space sector, encouraging innovative businesses to expand and grow in the city, creating high-skilled jobs.
“And we’re going further to ignite growth through our brand-new Investment Zones, which will encourage businesses to invest, driving our economy forward and creating opportunity for everyone.”
Leicester County Council is one of the 38 local and mayoral combined authority areas that are currently in discussions with the government regarding the establishment of Investment Zones that will help areas to develop further through releasing land and the introduction of time-limited tax incentives.
The government is aiming to announce the successful bids for the second round of levelling up funding before the end of the year.