An extra 40,000 jobs and investment worth more than £1bn over the next 30 years were promised today as the Government announced details of its long-awaited City Deal for the West of England
The move is part of a Government plan to devolve new responsibilities to the area which it claims will give it the flexibility it needs to attract private investment, close skills gaps and attract new jobs.
The five-part deal for the West of England includes:
· A growth incentive and the economic investment fund, which will allow the area to keep 100% of growth in business rates over 25 years to invest in projects, allowing authorities to deliver an investment programme worth £1bn over 30 years.
· 10 years of major funding allocation for the Greater Bristol Metro – the flexible delivery for the Bus Rapid Transit Network which will allow savings to be recycled locally; and new powers over rail planning and delivery.
· A Public Property Board will manage up to £1bn of Bristol City Council assets and an estimated 180 land and property assets to unlock more land for economic growth or housing and to lever in additional public or private investment.
· A city growth hub with up to £2.25m of Government funding which will provide additional support to inward investors. This will be based in Bristol’s Temple Quarter Enterprise Zone and will work closely with UK Trade and Investment.
· The business community and local enterprise partnership will have more influence in skills provision in the city region, in particular the £114m Skills Funding Agency funding for Further Education colleges for post-16 provision, to help capture employer demand.
West of England Local Enterprise Partnership (LEP) chair and chief executive of Bath-based Wessex Water, Colin Skellett, (pictured) said: “Today’s announcement is a strong vote of confidence from Government in our region's businesses to drive growth and create jobs. It is also an excellent example of what can be achieved by the four local authorities and business working together so effectively.
“This is a deal for hi-tech growth that builds on the West of England's strengths in engineering, the digital and creative sectors.
“It gives us unprecedented input into the skills training of our young people to ensure we're meeting the future needs of businesses across the city and region.”
The announcement, which has been trailed by the Government for around a year, was made today as the cities minister Greg Clark visited pioneering Bristol microchip firm Xmos, whose technology is used globally to develop electronics products.
Bath & North East Somerset Council leader Paul Crossley said: “The extra powers provided by the Government offer an excellent opportunity for all the West of England councils to further their economic plans and make additional investment to provide new jobs with greater prosperity for their residents.
“Our council particularly welcomes the incentive to retain the growth in business rates to invest in long-term infrastructure projects.”
