Leeds City Region seals country’s largest Growth Deal
CITY bosses have officially signed the largest Growth Deal in the country, bringing £1bn of investment into the Leeds City Region.
The Leeds City Region Growth Deal will support the LEP’s priorities to improve local transport links, accelerate housing growth and town centre regeneration, develop a skilled and flexible workforce and support growing businesses.
The official Growth Deal signing commits the government to devolving £573m to the LEP and Combined Authority from April 2015 onwards.
This funding will go towards a diverse range of projects and programmes that will contribute towards the LEP’s overall ambition to unlock the City Region’s potential to be the growth engine for the north and rebalance the nation.
Nick Clegg said: “I’m delighted to be signing such a significant Growth Deal to Leeds City Region today. It will lead to better transport, more housing and a major boost for jobs in the region. Devolving power and money to the North has been something I’ve been pushing for and this Deal is the perfect example of how local people know what works. It’s all about building a stronger economy and a fairer society.
“Signing this at the Northern Futures Summit is a fitting kick-start to a day of debate and discussion about how we support the economy in the North. By 2021, this Deal will create at least 8,000 jobs and allow 1,000 homes to be built.”
Roger Marsh, chairman of the Leeds City Region Enterprise Partnership (LEP), said: “This is an historic moment for the Leeds City Region as we officially confirm transformational devolved funding for our businesses and residents. These new powers and pounds will create tens of thousands of new jobs and accelerate economic growth across the entire City Region.
“The signing of this deal confirms the trust that government has in our region and enables decisions to be taken by the people who understand our challenges and opportunities. The LEP is ready to seize this opportunity and ensure that good growth is felt by all who live and work in the Leeds City Region.”
By 2021, this Growth Deal will bring at least 8,000 jobs, up to 1,000 homes, and at least £340m investment in the Leeds City Region economy from public and private partners.
Alongside this Growth Deal funding is a further £420m of devolved funding for the West Yorkshire plus Transport Fund which will enable a £1bn programme of investment in the local transport network over the next 20 years, creating further new jobs and improving connectivity for local residents and businesses.
The signing of the deal comes as devolution of further powers and funding to the North is being discussed at the government’s Northern Futures summit, which is taking place in Leeds today.
