AN ambitious plan to create a smarter future has been submitted by the Enterprise M3 Local Enterprise Partnership.

The plan sets out the LEP’s priorities and delivery plans for economic prosperity within the Enterprise M3 area.

It includes a £340million proposal to Government for funding from the Local Growth Fund which is also backed by £392m of local funding, including £24.3m the Enterprise M3 has already received for trans-port projects, leveraging in some £3billion from the private sector.

Commenting on the Work-ing for a Smarter Future – The Enterprise M3 Strategic Economic Plan, Growth Deal and Delivery Plan, Enterp-rise M3 chairman Geoff French said: “Investing in the Enterprise M3 area will not only improve the economy for local people, businesses and enterprises but also the national economy as a whole.”

He said Enterprise M3’s plan has been developed in collaboration with business, public and not-for-profit partners and stakeholders from both within the Enterprise M3 area and across its boundaries.

Minister for Cities Greg Clark said: “The Govern-ment welcomes the Strategic Economic Plan that Enter-prise M3 LEP has published and looks forward to continued engagement with local civic and business leaders over the next few months on the negotiation of their Growth Deal.

“The Growth Deal provides a fantastic opportunity for Enterprise M3 LEP to seek freedoms, flexibilities and influence over resources from Government, and a share of the Local Growth Fund to put towards their the growth priorities set out in this Strategic Economic Plan.

“This provides the oppor-tunity to unleash the ambition and creativity of Enterprise M3’s local leaders, by devolving resource and responsibility in return for compelling local economic leadership in pursuit of growth.”

The Local Growth Deals are expected to be announ-ced in July and that investment will begin in April 2015.