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An extra £1bn for Growth Deals sees transport links and technology trials winning funds

Lee Baker
29 January 2015
 

The Prime Minister and Deputy Prime Minister have announced a further £1bn to invest in local economies to expand the Growth Deals struck last year. This includes additional cash for transport upgrades linked to plans to boost the economy.

The local enterprise partnership projects winning the further funds, announced in the Autumn Statement, is for a range of infrastructure and skills initiatives, but includes improvements to transport to unlock developments to create thousands of new homes, such as:

  • On the Solent a £17m improvement to the A2300 Burgess Link Road and £15.8m towards a transport project in Fareham to Gosport to improve access to the area;
  • In Cornwall a £7.6m Tolgus and Barncoose junction improvement project to create a gateway between Redruth and Camborne.

There are also funds for investment in innovation and new technologies to improve transport, including:

  • £4.5m to establish a Very Light Rail Innovation Centre in the Black Country which will aim to create new public transport technologies for the future;
  • £2.6m to support the development of a new technology to bring motorway and local road traffic systems together, using cloud-based systems, to improve local journey times by giving drivers live traffic information.

Lord Heseltine said the first round of Growth Deals he had recommended had proved the model could work well, and the further set represented "the most bottom-up approach to growth that I have seen in my life time, and the opportunity that it offers to local areas to drive their own agenda is huge".

Each of the 39 LEPs were invited to submit a strategic ecoomic plan outlining their local priorities for a share of a Growth Fund of at least £2bn a year to maximise growth last spring. The first allocation were announced in the summer.

 

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