This funding is devolved from central government to Local Enterprise Partnerships and will fund the projects to be delivered by local authorities, businesses, colleges and universities. They will use it to help train young people, create thousands of jobs, build new homes and start hundreds of infrastructure projects, including transport improvements and superfast broadband networks.
During his visit to Gloucestershire the Transport Secretary saw how multi-million pound funding will regenerate the Blackfriars and Quayside area in the heart of Gloucester and promote Gloucestershire’s renewable energy, engineering and nuclear skills along with other projects spanning aviation and retail.
Patrick McLoughlin said:
This £15 million funding will make a lasting improvement to Gloucestershire’s economy. Providing investment for the county to drive its own growth and job creation forms a major part of this government’s long-term economic plan. The projects will provide the businesses, housing and skills that will build on the economic strengths already evident in Gloucestershire.
The Growth Deals – which see a total of £1 billion allocated to local partnerships – bring funding for infrastructure, housing, and other projects together in a single pot and put directly into the hands of local authorities and businesses. They can then invest based on their knowledge of what is needed in their area to maximise the potential for economic growth.
The new money announced today (29 January 2015) for Gloucestershire is in addition to the £62.5 million announced in July last year bringing the total to £77.5 million dedicated to improving the lives of people across the county.
The Gloucestershire growth deal is part of a commitment to devolve at least £12 billion from central government to local economies to drive growth.