A FURTHER £1Bn will be invested by the government in local economies across England with the expansion of its Growth Deals programme.
Agreement has been reached with all 39 Local Enterprise Partnerships (LEPs) to expand significantly the Growth Deals that were agreed in July 2014.
Giving local communities the power and the money to unlock growth and development and make the spending decisions that work for them is a key part of our long-term economic plan
The funding, to be devolved from central government into the hands of local authorities, businesses, colleges and universities will help to train young people, create thousands of new jobs, build thousands of new homes and start hundreds of infrastructure project, including transport improvements and superfast broadband networks.
Growth Deals mean for the first time infrastructure, housing and other funding has been brought together in a single pot, and put directly into the hands of local authorities and businesses to invest with their knowledge of what is needed in their area to maximise their potential economic growth.
Prime Minister David Cameron said: “Giving local communities the power and the money to unlock growth and development and make the spending decisions that work for them is a key part of our long-term economic plan to secure a brighter future for Britain and ensure a recovery for all.”
“That’s what Growth Deals are all about, backing local people and investing in the infrastructure, housing and skills that will drive forward local economies, create more jobs and opportunities for hardworking people and supercharge all parts of our country.”
Some of the major projects that are being taken forward as part of the expansion of Growth Deals include improving infrastructure and unlocking developments which will create thousands of new homes.
These include:
- £17M investment in improvements to the A2300 Burgess Hill link road which will relieve congestion and enable a significant housing development and £15.8M towards the multi-year transport project in Fareham and Gosport, which will improve access to this area and the Solent Enterprise Zone. In addition, this investment will support the proposed development of 6,000 homes at Welborne.
- The Tolgus and Barncoose junction improvement project (£5.9M matched with £1.7M) will create a gateway between Redruth and Camborne in Cornwall, unlocking access for over 600 homes, 5,000 square metres of commercial space and the Kresen Kernow cultural project.
- The first phase of the development of the Lincolnshire Lakes scheme that will ultimately deliver 6,000 new homes, delivering the first of 5 large lakes, surrounded by watercourses, sustainable drainage systems and green infrastructure corridors creating 310 new homes, 150 new jobs and £2M leverage.
- Around £6M to help to bring forward sites for housing and jobs in the Black Country, including £2.3M in Sandwell, and £0.4M towards the development of Walsall Waterfront.
