£2bn Growth Deal funding announced
Author: Jonathan Werran in the MJ |
Ministers have today announced where the £2bn in Growth Deal funding will be allocated across all 39 English Local Enterprise Partnership areas from 2015/16.
The single pot merges funding streams such as housing, infrastructure and training so that local authorities and businesses can direct resources to best support local growth.
Established as a key recommendation of Coalition growth guru Lord Heseltine’s ‘No stone unturned’ paper, ministers and officials have distributed Growth Deal money to the LEPs based on the quality of their Strategic Economic Plans, which were submitted before April outlining local priorities to maximise growth.
Greater Manchester emerged as the single greatest beneficiary, receiving £170m, more even than the £150m allocated to Greater London.
Greater Manchester’s successful bid included a £50m transport package, which included £18m to revamp the Metrolink system with 12 new trams and improved bus services.
Some £55m of the capital’s share of the Growth Deal case has been assigned to the London Skills Capital Programme.
Birmingham’s bid focused on helping the city make the most of the High Speed 2 rail project to maximise the benefits for investment, jobs and skills.
Prime minister, David Cameron said: ‘For too long our economy has been too London-focused and too centralised.
‘Growth deals will help change all that,’ Mr Cameron added.
Deputy prime minister, Nick Clegg, who chairs the Local Growth Cabinet Committee said: ‘We are ending a culture of Whitehall knows best. Decisions over spending on infrastructure, business support and housing are being made at a truly local level.’
Cities minister, Greg Clark, said: ‘Today is the day when we back local leaders to create jobs and prosperity in their area.’
Lord Heseltine said: ‘In every experience I have had of backing local people, local experience and local initiative the results have seriously exceeded expectations.’