New £40m Inward Investment Contract

I was absolutely amazed to hear that the “Inward Investment” contract for the UK (excluding London) worth £40m has been awarded to PA Consulting without any prior consultation with the LEP.

Ironically this new three year contract took force on the day that the new Greater Cambridge Greater Peterborough Local Enterprise Partnership held their very first Board Meeting and the date that our existing International Investment experts  based in Cambridge were all made redundant.

Our new LEP has a self-declared objective of creating 40,000 new businesses in the region by 2025 – how many of these new companies are expected to be generated by inward investment ?

I am not saying that the old UKTI inward investment process was efficient. Looks like the Government is spending £13.15m  to create 759 inward investment companies (last years acheivement for the entire UK) 

My call to the new LEP board would be to exclude our region from this new contract (like London) and take our regional share of the contract value which must be about £30m to fund the LEP.

The new reality is that our LEP will have to compete with other parts of the UK to attract inward investment – how many new “inward investment” businesses have PA committed to winning for our LEP region.  What are the financial incentives in the contract and where is the exclusivity to our LEP.

It would be good to see a copy of the contract.

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