£250m capital investment fund planned for region
A plan to create an investment fund to boost jobs, accelerate economic growth and put more money in people’s pockets is set to go before regional leaders.
West Yorkshire mayor, Tracy Brabin, will put forward proposals for a new, £250m capital investment fund for non-transport schemes, at a full meeting of the West Yorkshire Combined Authority today – 27 February.
It is intended to complement the £2.5bn being spent on transport infrastructure by the authority to better connect the region.
If approved, the Combined Authority will borrow against a proportion of its £38m of flexible funding it receives each year from the Government, to create a much larger investment fund.
It is designed to help get major projects off the ground and leverage up to £900m of total investment alongside the private sector.
The fund is also meant to accelerate the delivery of the West Yorkshire Local Growth Plan, which aims to add £26bn to the UK economy and support creation of an additional 33,000 jobs for local people over the next 10 years.
Brabin said: “We have an ambitious plan for jobs and growth in West Yorkshire, but without the right investment, our region cannot fulfil its full potential.
“That is why I’m stepping in with this new multi-million pound investment fund, that will deliver warmer and more affordable homes, as part of vibrant and thriving communities for local people.
“This is devolution in action – by investing in the future of our region, we will put more money in people’s pockets and build a stronger, brighter West Yorkshire for all.”
