OXFORDSHIRE Local Enterprise Partnership has unveiled how it plans to spend a £17.2m pot of European cash.

The funding, which jointly comes from the European Regional Development Fund and the European Social Fund, will be used to boost innovation, support business growth and generate jobs. More than 3,000 businesses are expected to benefit.

A total of £3.9m has been earmarked to support enterprise in hi-tech sectors such as life sciences, satellite, data communications and advanced engineering.

Plans include a further £3m going towards supporting small businesses, while £8.6m will go towards education, training, skills and social inclusion focusing on retraining older workers and lifelong learning, as well as work placements and apprenticeships.

Nigel Tipple, chief executive of the Local Enterprise Partnership (LEP), said: “The plan is to use EU funds to help us to deliver our overall goal of innovation-driven growth for Oxfordshire. We are concentrating on targeting funds into the areas of greatest potential.

“Specifically we are investing in skills, business innovation, access to finance and support for community-led business initiatives taking advantage of the enhanced broadband connectivity already committed across Oxfordshire.’’ Ian Hudspeth, the leader of Oxfordshire County Council, said: “This is very good news for Oxfordshire. Small businesses and skills development in the county will both benefit greatly and we can really start to deliver on our ambition to lead the UK’s knowledge-based economy.”

Details of the draft plans for Oxfordshire’s European Structural Investment Fund Strategy are published on the LEP website at http://oxfordshirelep.org.uk and open for public comment until January 7.