Preston launches City Deal
LORD Heseltine has officially launched Preston’s City Deal which is expected to usher in a wave of economic growth and transport improvements.
The deal, approved by Government and agreed with the city, South Ribble Borough Council and Lancashire county Council last year, should give the area more control of transport and skills budgets, and the ability to set up infrastructure funds to attract government investment.
The establishment of an investment fund worth £450m is expected to leverage a further £2.3bn of commercial investment in housing and employment sites.
It is hoped this will lead to more than 17,000 new homes and create more than 20,000 jobs.
There are also four transport schemes at the centre of the proposal which will open up land for housing development and improve links to employment sites.
These are: The Preston Western Distributor which will improve access to the Warton Enterprise Zone at a cost of £109.5m; South Ribble Western Distributor to enable 2,700 new homes and the full development of two strategic employment sites at a cost of £52.5m; Broughton Congestion Relief; and the Penwortham Bypass.
Edwin Booth, chair of the Lancashire Enterprise Partnership, said: “We reached this landmark deal because central government had confidence in our economic potential and our ability to deliver major projects, so it is great to have justified that confidence by being the first of the second wave of City Deals to physically start work.
“By freeing Preston and the surrounding area from the shackles of the existing infrastructure we will enable the local economy to really take off and create the jobs and housing that we need. This is a very exciting time for the Lancashire economy as a whole.”
Lord Heseltine said: “It’s fantastic to see the rapid progress that has been made in Preston, South Ribble and Lancashire over the last six months. The City Deal has given the area the opportunity to unlock significant economic growth and leverage considerable commercial investment. The area can now build on the excellent progress of City Deal and pave the way for securing future growth through the Growth Deal process.”
The Preston area is one of 20 locations in the second wave of City Deals. The first eight, including Manchester and Liverpool, were approved last year.
