Economic Development Fund (City Deal)
City Deals are agreements between government and a city, giving that city greater control over decisions that affect it. It means that the city can take on greater freedoms and flexibility to decide how public money should be spent in order to help businesses grow and drive economic growth.
As part of the City Deal Growth Incentive, the West of England local authorities retain 100% of business rates growth over 25 years in the five West of England Enterprise Areas, and pool this revenue with that from the existing Temple Quarter Enterprise Zone to create the £500 million Economic Development Fund (EDF).
The EDF is used to deliver an investment programme designed to maximise economic returns in all the Enterprise Areas and the Zone. It is part of the One Front Door process, and as such is managed by the Investment Panel with scheme approvals granted by the Joint Committee.
The West of England LEP funding programme includes schemes allocated funding via the Growth Deal, the Economic Development and Revolving Infrastructure Funds. Further detail on EDF schemes approved to date.