The Bristol and Bath area is to receive £86.2m of Government funding to accelerate economic growth and create 5,000 jobs.
The investment, under the Government’s first Local Growth Deal, will go to the West of England Local Enterprise Partnership (LEP) to spend on key economy-boosting projects.
In the Bath area these will include a world-leading next generation broadband network, a dedicated ‘growth hub’ to provide small businesses with access to all the advice and support they need to grow, and a new college focusing on the construction industry.
But there was no up-front investment for Bath’s flagship Innovation Quay project – the ambitious scheme on a 6.5-acre site either side of the River Avon to create a test-bed for innovation in new, low-carbon and ‘smart’ technologies. The LEP had hoped to bring in Government investment of £8.4m to kick-start the scheme in 2015/16. Craneworks, the creative industry hub which could form part of Innovation Quay, also missed out on the £1.8m the LEP had asked for.
These projects were among 34 ‘interventions’ named by the LEP in its strategic economic plan submitted to the Government earlier this year and seen as essential for the future growth of the West of England’s economy over the next five years.
The LEP is now in talks with Whitehall chiefs to see if it can shift part of the money announced today to some of these schemes. LEP bosses are also this week starting talks with the Government on the next tranche of Local Growth funding to be approved next year and hopes to secure backing for projects not included this time.
The new or upgraded colleges funded by this week's announcement, including the new construction college, will ensure local people have access to the skills they need for future jobs in nuclear, advanced engineering, creative, hi-tech and other key growing industries in the region.
Business Secretary Vince Cable officially announced the funding when he visited the region on Monday.
Touring the Robotics Lab at UWE Bristol, he said of the Local Growth Deal: “We are reversing half a century or more when central government told local government how to spend its money.”
The funding is in addition to the previously committed £126.4m for the MetroBus and MetroWest transport schemes, meaning the West has received a total of £213m from the growth fund.
The LEP says this is will also unlock an additional £185m of investment from private sector and local partners, creating an investment package totalling £400m.
LEP chair Colin Skellett said: “Government has told us we have a strong and ambitious long-term strategic economic plan and we welcome this first instalment of funding for a number of our key projects.
“But this is just the first round, so now our discussions begin on the next round, where we will be pushing hard to fund our other key projects.
“We also expect to have some flexibility on how we spend the current allocation, to enable us to begin to bring other projects forward. Our plan set out an ambitious programme of major projects for the region. We are committed to the plan and delivering those projects, whether using Government money or funding from other sources.”
UWE vice chancellor and chair of the West of England Academic Health Science Network, Steve West, added: “The West of England is increasingly being seen as a leader in a number of sectors, such as hi-tech, creative and digital innovation.
“The Local Growth Deal recognises these strengths and provides the means to deliver a number of key projects that will secure our place at the forefront of these sectors. Having the right skills in our workforce is also key to the area’s success, therefore the funding to ensure we can provide the right skills for our industry is vital. This deal will complement the £4m just announced for the University Enterprise Zone.”
Pictured: Business Secretary Vince Cable at the Bristol Robotics Lab
