The Prime Minister and Deputy Prime Minister will today announce a series of local Growth Deals totalling some £6 billion, designed to help kickstart local economies through ambitious infrastructure and housing projects. Combined with investment from central Government the Growth Deals are expected to pay for 300 road and housing developments across the UK, as well as 20 stations and various local business and education initiatives.
The funds allocated so far include:
- A £50 million transport package in Greater Manchester, including an £18 million revamp of the Metrolink transport system
- A new road tunnel linking Swindon to nearby Wichelstowe worth £23 million
- A Glass Academy in Sheffield to train workers for the city’s glassworks
- An Oil and Gas Academy in the Tees Valley
- Funding for Birmingham to help the city make the most of HS2
- Support and advice for small and medium sized businesses
- Funding for broadband networks in remote areas, such as the North East, where connection speeds are poor
Manchester was allotted the largest slice of the funding pie, receiving £170 million in total, slightly ahead of London with £151 million.
Prime Minister David Cameron said:
“Growth Deals are a crucial part of our long-term plan to secure Britain’s future. For too long our economy has been too London-focused and too centralised. Growth Deals will help change all that. They are about firing up our great cities, towns and counties so they can become powerhouses.
“By trusting local people, backing business and investing in infrastructure, skills and housing, we can create thousands of new jobs. And that means more economic security, peace of mind and a brighter future for hardworking people across the country.”
Image by Daniel Go