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Home > News > Growth Dea...

Growth Deals secured for East Mids LEPs

A series of Growth Deals worth hundreds of millions of pounds have been agreed with local enterprise partnerships (LEPs) across the East Midlands.

Projects set to receive backing include the Infinity Park development in Derby, an expansion to Biocity in Nottingham and an £11m training centre at MIRA Technology Park.

The Prime Minister and Deputy Prime Minister are set to announce the first instalment of plans to invest at least £12bn in local economies across the UK in a series of Growth Deals. The money will go towards providing support for businesses to train young people, create thousands of jobs, build thousands of houses and start hundreds of infrastructure projects.

Today, the first £6bn of local projects agreed as the first wave of Growth Deals are being announced.

All 39 LEPs across the country submitted strategic economic plans earlier this year to bid for part of the fund available.

D2N2 LEP has agreed a Growth Deal with the government which secures a £174.4m investment, with £47.4m confirmed in the first year. The projects which start in 2015/16 would help to create up to 18,000 jobs, allow up to 8,000 houses to be built and generate up to £380m in public and private investment, the LEP said.

Other projects to benefit aside from the Infinity business park and the development of space nest to Biocity include a Nottingham Skills Hub to provide a new college building in the heart of the creative quarter.

D2N2 chairman Peter Richardson said: "D2N2 is the UK's most inspirational postcode and this Growth Deal marks the start of an exciting new chapter as we now look to move from planning to implementation."

Almost £80m will be invested in Leicester and Leicestershire – £28.3m in year one – including at MIRA and a £55m regeneration of derelict and vacant land at the Leicester Waterside and Abbey Meadows development.

Another £111.2m has been agreed in Greater Lincolnshire's Growth Deal with £48.4m for the first year for a new relief road for Grantham and innovation and skills infrastructure in Lincoln.

Northamptonshire will benefit from £67.3m and £18.8m in the first year of the deal for the development of the A45 Daventry Development Link Road, improvements to the A43 between Northampton and Kettering and the building of new roads in Wellingborough.

Projects beginning in 2015/16 are expected to be matched by local investments worth around twice the contribution from central government.

Lord Heseltine said: "In every experience I have had of backing local people, local experience and local initiative the results have seriously exceeded expectations.

"Today's announcement is a giant step in the rebalancing of our economy."

 

Source: Insider Media Ltd

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