The Deputy Prime Minister, Nick Clegg, is today signing a historic Growth Deal for Gloucestershire bringing £62.5 million of investment to the region to support economic growth. While in Gloucestershire, Nick Clegg will also be visiting local business SPP Pumps Ltd which received an award of over £1.12 million from the government’s Regional Growth Fund to create 32 and safeguard 15 highly skilled jobs.
By 2021, the Growth Deal will help to deliver at least 5,000 jobs and will bring forward at least £80 million additional investment from local partners and the private sector. £23.6 million has been confirmed in the first year, and as part of the government’s ongoing commitment to the GFirst Local Enterprise Partnership (LEP) it has provided an indicative award of a further £38.9 million of funding from 2016 to 2017 onwards.
The government’s Regional Growth Fund award will help to fund an expansion of SPP Pumps Ltd’s research and development facilities in Coleford in Gloucestershire along with a programme of training for employees to support the development of new products. The company designs, manufactures and supplies centrifugal pumps.
The Deputy Prime Minister is today confirming other Regional Growth Fund awards in Gloucestershire. GE Aviation Systems secured a £1.25 million grant from the Regional Growth Fund to research new technologies to increase aircraft operational and emissions efficiencies at their site in Cheltenham. The project will create up to 100 high-value jobs.
The Deputy Prime Minister Nick Clegg said:
I’m delighted to be finalising this historic deal, bringing real change across Gloucestershire. This significant Growth Deal will enable a whole host of jobs to be created, boost local business by supporting them to up skill their staff and transform transport networks. All of this is a major boost to the economy in Gloucestershire.
Growth Deals are about local areas leading their own growth, giving more power to people in the regions so we work together to build a strong economy and a fairer society.
It was inspiring to see first-hand the plans SPP Pumps Ltd have made to expand and grow their business. Thanks to the government’s Regional Growth Fund they’ve been able to think big and be ambitious, securing and creating jobs in Gloucestershire.
The key features of the deal are:
- a growth hub to provide a range of services to support companies with high growth potential and encourage individuals with an entrepreneurial spirit to consider self-employment, apprenticeships, and other employment routes
- the redevelopment of Berkeley power station to provide a centre of excellence in renewable energy, engineering and nuclear skills
- a package of transport projects that will accelerate economic growth across the county
The Gloucestershire Growth Deal is part of a £12 billion long-term programme to revitalise local economies. The deals are the latest and greatest example of the British economy being rebuilt from the bottom up, and sharing the benefits of the recovery around the country. Local businesses and council leaders have been invited to open discussions immediately on the next set of projects to be funded, building on the momentum that has been established.
Notes to editors
For more information, please contact Louisa Sampson on 07789 174 865.
Regional Growth Fund programme
The government’s Regional Growth Fund is a £3.2 billion fund designed to help companies in England to grow and deliver sustainable jobs. Businesses have to date received in excess of £1 billion of Regional Growth Fund support, delivering over 100,000 jobs and £3 billion of private investment. Find out more about the Regional Growth Fund.
Gloucestershire Growth Deal
How much is the government investing in Gloucestershire as part of the Growth Deal?
||2015 to 2016
||2016 and beyond
The deal includes:
Central government has agreed provisional allocations to the following projects starting in 2016 to 2017 and beyond:
- Enablers for Growth – transport projects that will accelerate economic growth across the county:
- A38 Berkeley Bridges
- A40 Regeneration Areas - Package 1 - Cinderford Northern Quarter Link Road
- A40 Regeneration Areas - Package 2 - Gloucester South West By-Pass
- A40 Regeneration Areas - Package 2 - St Barnabas Roundabout Scheme
- A40 Regeneration Areas - Package 2 - A4063 Staverton Bridge Junction
How does this benefit the people of Gloucestershire?
The Gloucestershire Growth Deal aims to develop a local workforce with the skills needed to benefit from the region’s growth in engineering, nuclear and low carbon industries. The GFirst LEP has been awarded funding and will get greater influence and freedom to deliver locally tailored services to help businesses start and grow, to improve the transport connections in and around the M5 corridor and to open up new sites for employment and housing.
According to estimates by the LEP, the Growth Deal will:
- bring Gloucestershire up to 5,000 new jobs
- support up to 1014 new apprenticeships
- bring an additional £80 million of investment in the Gloucestershire economy from local partners and the private sector