· LEPs are strategic partnerships made up of business, local authority leaders, and other public sector partners.
· They are accountable for decisions they make, with democratic accountability provided through the local authority leader representation, and financial accountability through each LEP’s accountable local authority, which receive funds on behalf of their LEP.
· To ensure basic accountability standards are upheld, Government has established a set of clear national standards and principles which are set out in the published Accountability Systems Statement for the local growth fund, and the underpinning LEP assurance framework. These standards are broadly equivalent to much of what we expect of local government, building on, rather than duplicating the existing local government framework set out in the Accountability Systems Statement for Local Government and for Fire and Rescue Authorities.
· In line with this national framework, LEPs and their accountable local authorities have put in place local decision making systems to ensure funds are spent with regularity, propriety and value for money. These arrangements are published in each LEP’s own local assurance framework.
· In parallel Government has also developed a coherent approach to the monitoring and evaluation of Growth Deals which LEPs are responsible for. LEPs will report against a range of data on inputs, outputs and outcomes providing clarity to Government and the public about what LEPs have delivered with their Local Growth Fund resources.