UK/East Anglia: Lord Heseltine calls on Government to embark on major devolution of funding

EAST Anglia could play a greater role in boosting its economy after a former minister urged the Government to embark on a major devolution of funding.

Former Conservative deputy prime minister Lord Heseltine has recommended moving �49billion from central government to the regions to help local leaders and businesses.

Lord Heseltine, who was also head of the Department of Trade and Industry in the 1980s, says Local Enterprise Partnerships’ responsibilities should include wealth creation as well as focus on social provision.

He also suggested growth funds administered by different government departments should be brought together into a single, multi-billion pound pot for local areas.

Local partnerships should bid for funds from central government for a minimum of five years starting from 2015/16, added Lord Heseltine.