Government signs off £357m Greater Birmingham and Solihull Growth Deal

THE Government has officially signed off on the £357m Greater Birmingham and Solihull Growth Deal.

Deputy Prime Minister Nick Clegg joined private and public sector directors from the GBSLEP today (Thursday) to conclude the agreement.

Agreed in July 2014, the deal secures £357m of government funding, as well as a further £80m of investment from local partners and the private sector. Combined, this will create a total investment package of £437m.
 
The Growth Deal has been designed to create up to 19,000 new jobs, help build 6,000 new homes and enable 7,600 people to improve their skills. This in turn will lead to increased employment opportunities for the area.  In addition, it will help open a wider package of investment to improve transport networks, unlock stalled economic sites and boost overall skills provision across the wider LEP area.
 
The first tranche of projects, worth £63.4m, will begin in April, enabling the GBSLEP to take advantage of improving economic conditions.

One of the key elements of the Growth Deal is the establishment of a new way of working between the GBSLEP and central government to ensure the area can capitalise on the development of the HS2 high speed rail link.

Steve Hollis, deputy chair of the GBSLEP, said: “This is a very exciting way to start 2015 with the official signing of our Growth Deal.   As well as maximising the opportunities being presented by HS2, this funding will bring much needed improvements not only to projects in the city of Birmingham, but also to those in the wider LEP area including Kidderminster, East Staffordshire and Cannock, to name but a few.

“Of particular importance for the region is our target for private sector job creation of 119,000 by 2020 and this year much of our activity will build on the platform that is driving our regions impressive performance in tackling unemployment.

“In addition, with the regional empowerment debate continuing to dominate the agenda, the Growth Deal highlights how devolving funding from Whitehall to the LEPs can and will deliver growth for regions across the UK.  This in turn will provide central government with the confidence to devolve further during the next parliament and over the next few years.”
 
Cllr Bob Sleigh, leader of Solihull MBC, said: “This is great news for the whole region and in particular the benefits and opportunities it will bring to Solihull through the investment and connectivity both in HS2 and the wider industrial and skills sector.

“Solihull leads on the skills agenda for the GBSLEP so it’s pleasing to see the investments being made in skills and employment and the increased opportunities it will create for local people.”