Government announce £6 billion local growth deal

July 8, 2014 by Sam Store posted in: Industry News

The government has unveiled its £6 billion plan to boost local economies as part of an overall £12 billion project to improve business and growth in all areas of the UK.

The initial £6 billion has been split across all areas of the UK and aims to create jobs and support small businesses, as well as helping to give people the skills and training needed to get back into work and away from welfare.

We’ve looked at the areas of the country that will be receiving the most investment in the initial stage of this ambitious scheme.

Greater Manchester – £170 million

• £50m transport improvement investments, including an £18m plan to revamp the Metrolink transport system and the creation of a new Quality Bus Network.
• Launch of a £40m life sciences inward investment fund.
• Investment programme worth £35m to support further education in the area.
• Further deals to increase business support and reduce unemployment in the area.

London – £151 million

• £70m new homes bonus to develop new properties across London.
• Investment of £55 million funding the London Enterprise Panel’s skill capital programme, increasing London’s skill base and increasing support for businesses.

North East – £112 million

• Investment in five innovation projects worth £26m, including the Newcastle Life Sciences Incubation Hub, the Low Carbon Energy Centre at Newcastle Science Central and the Sunderland Enterprise and Innovation Hub.
• £22m worth of skills projects, such as investment in the Tyne Met College, South Tyneside College and East Durham College.
• £24m deal to boost the Rural Growth Network infrastructure, Merchant Park 2 and Swans Wet Berth Infill projects.
• Package of £15.4m to improve transport in the North East, with money going towards the North Access Corridor, Newcastle Central Metro Station and Newcastle Central Station to name a few.

Lancashire – £84 million

• £10m investment in skills in the area, including a 6.2m project to develop Blackpool and Fylde College facilities.
• Funds to improve Preston City Centre worth £2m.
• Investment of £9.7m to improve the road and rail connections between important business hubs and towns, especially Manchester.
• Two investments of £2.6m to improve the East Lancashire Cycle Network and the access and traffic management around Blackpool respectively.
• £2m to support the Lancaster Health Innovation Park.
• £1.6m worth of money for the Blackpool Heritage Museum and The Winter Gardens.
• Public works loan agreement of £26m for strategic infrastructure investment in acquiring and redeveloping housing in Blackpool.

South East – 84 million

• Plans to decrease congestion at Thames Gateway South, East Sussex, South Essex and Essex, as well as £5.4m for decreasing congestion in Kent and Medway.
• £13m to invest in integrated and sustainable transport projects in Kent and Medway, as well as other deals for East Sussex and Essex.
• £11m investment in a South East Local Enterprise Partnership Skills Capital programmed aimed at improving skills, education and business links.

Here’s a rundown of the rest of the government investments across the country (ordered by the amount of Local Growth Fund investment in 2015 and 2016.)

If you want to find out more about where the money is going in any of the areas listed below, simply click on the name of that area.

West of England £79m – £32m package to improve further education facilities

Leeds City Region £73m – £12m investment in a skills improvement programme

Greater Birmingham and Solihull £63m – Projects to maximise the benefits of HS2

Heart of the South West £63m – £5m investment in Bridgewater College

New Anglia £60m – £5m to the Norfolk and Suffolk Better Broadband Programmes

Hertfordshire £53m – £2m investment in A1(M) Growth Area Forum/Stevenage

Greater Lincolnshire £48m – £7.5m fund for the Grantham Southern Relief Road

Derbyshire and Nottinghamshire £47m – £5m investment in the Integrated Nottingham Skills Hub

Liverpool City Region £46m – £7m towards a package for sustainable transport improvements

Sheffield City Region £46m – £7m investment in Sheffield City Centre Key Sites

Solent £46m – £6m towards improving transport and connectivity in Fareham and Gosport

Coast to Capital £44m – £4.5m in the Advanced Engineering Centre

Black Country £35m – £4.2m in the new centre at Dudley College

Enterprise M3 £35m – £4m investment in Whitehall and Bordon Construction Skills Centre

York and North Yorkshire £34m – 2.3m fund to transport improvements and housing growth at the Scarborough Middle-Deepdale project.

South East Midlands £34m – £7m investment in the dualling of the A421 from Fen Farm to M1 Junction 13 Milton Keynes

Humber £29m – Invest £4m in the Growing the Humber RGF Capital Grant Extension

Leicester and Leicestershire £28m – £5.5m in the Leicester Waterside Regeneration Area Programme

Dorset £24m – £23m investment in the Port of Poole infrastructure package

Gloucestershire £24m – £5m investment in the GREEN project

Tees Valley £23m – £2.5m to the Cleveland College of Art and Design in Hartlepool

Greater Cambridgeshire and Greater Peterborough £21m – £1m to the Haverhill Innovation Centre and £1m to the Cambridge Biomedical Innovation Centre

Stoke-on-Trent and Staffordshire £21m – £11.6m to employment and enterprise

Cheshire and Warrington £20m – £3.4m to Chester Central

Northamptonshire £20m – £2.6m deal for the A45 Northampton to Daventry Development Link road.

Coventry and Warwickshire £18m – £5m towards the North South Rail and Coventry Station scheme

Thames Valley Berkshire £17m – £2.3m investment in a Solutions Lab

Oxfordshire £16m – £3.5m fund for a new Oxfordshire Centre for Technology and Innovation

Swindon and Wiltshire £13m – £4m for the first phase of the Porton Down Science Park

The Marches £13m – £5m investment in the Telford Growth Package

Worcestershire £13m – £2m to take forward the Southern Link Road Scheme

Buckinghamshire Thames Valley £11m – £3.8m investment in sustainable transport schemes

Cornwall and the Isles of Scilly £11m – Investment of £7m in the Night Riviera Sleeper Service

Cumbria £9m – £2.3m supporting manufacturing growth and housing development.

Save

This entry was tagged: Business, business owners, Commercial property, Development, Government, growth, investment, small business, UK