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<p>The Government believes that there is a powerful case for giving local business
and political leaders the levers they need to create jobs and drive growth. In ‘Investing
in Britain's Future', the Government accepted Lord Heseltine's recommendations to
devolve economic power to Local Enterprise Partnerships (LEPs) through the creation
of the Local Growth Fund (LGF) with over £2 billion of budgets from skills, housing
and transport for 2015-16. An area's allocation from the LGF will be available to
be spent on the priorities LEPs and their partners have determined in their strategic
economic plans.</p><p> </p><p>The Government allocated capital funds between programmes
at Spending Review 2010 and Spending Round 2013 on the basis of a zero-based review
of the economic returns of every central government capital programme, with investment
being targeted increasingly at economic infrastructure. Once allocated between programmes,
funds were moved into the appropriate departmental budgets to allow departments to
deliver those programmes.</p><p> </p>
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