Going for growth.  That’s one thing all politicians are agreed on. Economic growth brings higher living standards because it leads to higher real incomes and the ability to devote more resources to areas like health care and education. Growth will also reduce poverty and unemployment, and can lead to improved public services.

Keir Starmer has promised to deliver economic stability with tough spending rules, so we can grow our economy and keep taxes, inflation and mortgages as low as possible.

The Chancellor Rachel Reeves has already taken steps to get Britain building again with planning reform, a National Wealth Fund to attract private investment and the launch of Skills England to boost skills and ambition across the country. Above all, the Chancellor will ensure the stability which investors and businesses need to thrive, with her non-negotiable fiscal rules.

One of the main drivers of growth in Ipswich over the last decade or so has been the LEP, which is the shortened version of New Anglia Local Enterprise Partnership.

LEPs are voluntary partnerships between local authorities and businesses, which were allocated government funding for local growth projects. The Leader of Ipswich Borough Council (IBC) has a seat on the LEP, alongside Suffolk County Council.

Ipswich has benefitted from grants and loans, provided through the LEP, of at least £16.6 million. Key projects that have been helped include: Ipswich Flood Defence Scheme, Winerack, Malthouse, St Stephens church, New Wolsey Theatre and, through enterprise zones, some companies have been able to expand and develop including Birketts, Connexions, La Doria and Amazon.

The Ipswich Flood Defence Scheme benefitted from a £6million loan which enabled the flood barrier to go ahead when the Coalition Government refused to cover the shortfall in funding. Total cost for the barrier was £30million. It was a loan that IBC had to repay but at a better rate of interest than we could have received anywhere else. The barrier protects 1,600 homes and 400 businesses from an increased risk of flooding.

Ipswich Malthouse (Previously Hollywoods / Kartouche night club) has benefitted from a £600,000 loan. This enabled transformation of a vacant Grade II listed maltings building, that had been empty for 15 years, into office space as part of a £2.7m total scheme.

The LEP championed Enterprise Zones (EZ) which are small areas that are set up to encourage investment and development.  In Ipswich we have Futura Park, formerly Cranes Engineering, which is now John Lewis and various car show rooms and storage businesses.

Princes Street EZ mainly enabled the Birketts building to be built and the redevelopment of Connexions (in the former Fisons HQ that had been empty for years) supporting many jobs..

On the Eastern Gateway Enterprise Park (former Sproughton Sugar Beet site), business rates were used to cover significant demolition and infrastructure costs. The Park is now home to La Doria, Amazon, Trebor and a couple of other companies, providing around 1000 jobs.

Small grants helped with the New Wolsey Theatre renovation, conversion of St Stephens church to a music venue and setting up Ipswich Waterfront Innovation Centre.

The LEP will be wound up this week, a decision of the previous Tory government. It will be replaced by the Suffolk Business Board, which is led by Suffolk County Council. I have a seat on the board and look forward to updating you shortly on the work that is underway.

I’m sure you will agree that the LEP has had a significant impact on the economy of Ipswich and leaves a legacy that the new business board can build on, to go for growth.