BUSINESS leaders have been told that a ‘game changing’ £1 billion funding deal is set to unlock the potential of the Leeds City Region, which includes Bradford.

Roger Marsh, chairman of the LCR business-led Local Enterprise Partnership, told a Bradford Chamber of Commerce lunch that the body had secured the largest sum of funding from the Government’s Local Growth Fund, with £573 million committed to the region over the next six years.

“The scale of our deal means that the entire Leeds City Region will benefit from this devolved funding and we can deliver a balanced programme of strategic investment.

“We have been calling on government to devolve the powers and the pounds for our partnership to unlock the potential of the City Region and the Government took the first step in helping us achieve this,” he said.

The LEP also secured a further £18 million over the next three years for its Business Growth Programme which has so far enabled more than 250 businesses to grow and secure jobs.

The LEP had been acknowledged as a national leader on the skills agenda through an allocation of funding for a skills capital programme to provide investment in further education colleges to support economic growth sectors and ensure a world-class learning environment.

Housing and development sites would be delivered in areas including Bradford, Halifax and Skipton to create more affordable housing and support the ambition to double house building by 2021.

In a separate deal the LEP had also secured a further £420 million to improve roads and railways and provide a 21st-century infrastructure across the city region.

Mr Marsh said: “The additional freedoms and flexibilities we have secured through this deal demonstrate the trust government has in the strength of our partnership.

"With our partner, the West Yorkshire Combined Authority, we have proved to government that devolution works “Now it’s time to show that we can deliver at scale and at pace to ensure we not only execute our ambition of transformational growth, but that we exceed the targets we have set.

“Our growth deal cements our position as a trusted and ambitious LEP and we will continue to work with government to realise the full economic potential of this powerhouse city region so that good growth is felt by all,” said Mr Marsh.

The £1 billion Local Growth Deal would create tens of thousands of new jobs and accelerate economic growth across the city region through supporting growing businesses, developing a skilled and flexible workforce and delivering the necessary infrastructure for growth.