Members endorsed a single Lancashire bid to the £500m national Local Innovation Partnership Fund, to underpin activity around defence, security and critical national infrastructure.
The bid is due to be submitted by February 2026, and if successful, it will support projects over a three-to-four-year lifespan, starting in summer 2026.
The steering group established by the Lancashire Innovation Board to lead this bid includes representatives from all five universities with a footprint in Lancashire, large prime businesses, small and medium sized supply-chain businesses and internationally owned businesses.
During the meeting, members also approved the approach for allocating more than £40m of funding through the Adult Skills Fund, which supports more than 36,000 adults each year to gain skills to help them find a job.
The eligibility criteria will also be extended so that people who are under a formal redundancy consultation can receive support.
Members were updated on the transition of Local Transport Authority functions to the LCCA when it becomes the sole Local Transport Authority for Lancashire County Council, Blackburn with Darwen Council and Blackpool Council.
They approved the creation of a Commissioning and Assurance model for 2026 to 2027 which will ensure the delivery of the Local Transport Authority functions of the LCCA from 1 April 2026.
Some of the key Local Transport Authority functions that will become the direct responsibility of the LCCA include developing and maintaining a Local Transport Plan for the LCCA area, establishing and managing a pan-Lancashire Enhanced Partnership with local bus operators and receiving and utilising grants and other public transport related funding including Bus Service Improvement Plan/Bus Grant.
You can watch a recording of the meeting here.