Further investment announced for five year plan.
The Black Country Local Enterprise Partnership has agreed an expansion to its Growth Deal with the government which will see an extra £24 million invested in the region between 2016 and 2021. This is in addition to the £138 million of funding committed by the government on 7th July 2014. Over the lifetime of its Deal (2015-2021) the Black Country Local Enterprise Partnership estimates that up to 5,000 new jobs could be created, 1,400 new homes built and that it has the potential to generate up to £310 million public and private investment.
The additional proposed projects include:
● The creation of a Light Rail Innovation Centre in Dudley which will specialise in prototype vehicle design and construction, as well as providing education, and research and development facilities to local businesses
● The strategic development of Wolverhampton City College to support at least 3,000 learners and 50 businesses
● Bringing forward another element of an on-going regeneration programme – mixed-use, leisure & housing development at Walsall Waterfront with up to 160 jobs
The Black Country Growth Deal is part of a long term plan to devolve at least £12 billion from central government to local economies. The plan aims for every part of the country to be a motor of growth for the national economy – building on the strength of the Black Country area.
Prime Minister David Cameron said of the announcement: “Giving local communities the power and the money to unlock growth and development and make the spending decisions that work for them is a key part of our long-term economic plan to secure a brighter future for Britain and ensure a recovery for all. This is happening right across the Black Country, with more money announced today for key projects to boost the local economy as part of the multi-million pound expansion of the Government’s Growth Deals. And because the money will be in the control of a partnership of local community, business and civic leaders it means it will go on the things that really matter to people and businesses here.
“That is what Growth Deals are all about, backing local people and investing in the infrastructure, housing and skills that will drive forward local economies, create more jobs and opportunities for hardworking people and supercharge all parts of our country.”
Deputy Prime Minister Nick Clegg added: “A quiet revolution is underway in the Black Country and across the country, as Growth Deals signal the death of the culture where Whitehall calls the shots. I’ve seen for myself the difference it makes to give the region more power over skills, over business support, over infrastructure spending.
“I am delighted to announce the expansion of the Black Country Growth Deal today. The Coalition Government has been relentless in our efforts to sort out the public finances and set firm foundations for growth. Growth Deals help create a stronger economy and a fairer society by boosting local economies, and providing more jobs, better transport and affordable homes.”
Black Country LEP Chair Stewart Towe CBE commented: “The expansion of the Black Country Growth Deal is welcome news as it reinforces the momentum behind the renaissance of the Black Country. The additional investment will increase capital grants and support for business, equip the next generation with the skills they need to provide new housing and create a Light Rail Innovation Centre to develop the technology.”
Councillor Darren Cooper, chair of Black Country Joint Committee, LEP Board Member and Leader of Sandwell MBC said: “The Black Country Growth Deal is a testament to our Black Country vision and strong partnership. The additional investment announced will boost the quality of life in the Black Country by creating more jobs and building additional homes.”
