Growth Deal heralds new era for Gloucestershire's economy

The GFirst Local Enterprise Partnership today agreed an historic Growth Deal with the Government which will see £62.5million invested in Gloucestershire. £23.6million has been confirmed in the first year, and as part of the Government’s on-going commitment to the GFirst LEP it has provided an indicative award of a further £38.9million of funding from 2016/17 onwards. The deal will help to create up to 5,000 jobs and generate up to £80 million in public and private investment.

The GFirst Local Enterprise Partnership today agreed an historic Growth Deal with the Government which will see £62.5million invested in Gloucestershire. £23.6million has been confirmed in the first year, and as part of the Government’s on-going commitment to the GFirst LEP it has provided an indicative award of a further £38.9million of funding from 2016/17 onwards. The deal will help to create up to 5,000 jobs and generate up to £80 million in public and private investment.

The key features of the deal are:

• A growth hub to provide skills support to businesses in key sectors
• The redevelopment of Berkeley power station to provide a skills training centre
• 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.

The Prime Minister 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 towns and cities, boosting local economies and driving growth across the country.

“This historic deal means real change with exciting plans for Gloucestershire including a big investment in transport infrastructure, expert backing for new businesses, redeveloping sites to boost job prospects for young people and unlocking sites for new homes and enterprises.

“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 in Gloucestershire.”

The Deputy Prime Minister said: “The Gloucestershire Growth Deal will create thousands of jobs, provide incredible new training opportunities for young people and improve transport links across the region for people and their families; building a stronger economy and a fairer society.

“We’re placing the power and money in the hands of people in Gloucestershire who know how to spend it best, making a real difference to local communities.”

Dr Diane Savory OBE DL, Chair, GFirst LEP said: “I’m absolutely thrilled that the Government has recognised the huge economic potential in Gloucestershire by making this substantial award. This award reflects the Government’s confidence in the strength and ambition of the business plan for Gloucestershire, known as the Strategic Economic Plan, to stimulate significant private sector investment and drive business expansion. 

The Gloucestershire Growth Deal brings together different funding streams designed to support local growth and we’re now able to unlock the economic potential across the county to create thousands of new jobs, increase exporting opportunities, fuel business expansion and firmly promote Gloucestershire as the county for inward investment.

We’re now delighted to implement the Strategic Economic Plan in accordance with the funding allocation to ensure we achieve the best economic outcome for the county. This sizeable funding allows us to make the necessary investments over the next five years to ensure our Strategic Economic Plan becomes a reality.”

Steve Jordan, Leader of Cheltenham Borough Council, said: “This is tremendous news for Gloucestershire.  GFirst LEP, the local councils, and other partners have worked extremely hard together to formulate a compelling investment case for Government.  The local councils are committed to working together, alongside GFirst LEP, to deliver the plan and achieve long-term sustainable economic growth for the county.”