Growth Deal pledges £230m to Lancashire
The Lancashire Enterprise Partnership announced the details of Growth Deal agreed with the government which will see £233.9m invested in the county.£84.2m has been confirmed in the first year, and as part of the government’s on-going commitment to the Lancashire Enterprise Partnership it has provided an indicative award of a further £149.6m of funding from 2016/17 onwards.
The deal will help to create up to 5,000 jobs, allow more than 6,000 homes to be built and generate up to £140m in public and private investment.The key features of the deal include improvements to motorway junctions and railway lines, investing £9m in the renewal of Blackpool, and spending £10m developing local skills.
The Lancashire Growth Deal is part of a £12bn long-term programme to revitalise local economies. Prime minister David Cameron explained: “For too long our economy has been too London-focused and too centralised. Growth Deals will help change all that. They are about firing up our great towns and cities, boosting local economies and driving growth across the country."This historic deal means real change with exciting plans for Lancashire including improvements to road and rail to help people get to work and businesses to grow, supporting new housing and backing tourism."
Edwin Booth, chair of the Lancashire Enterprise Partnership, added: “This is a significant announcement for Lancashire and builds on the LEP's work creating the right environment for businesses to thrive. The Growth Deal will establish a new six-year investment package worth over £360m with the potential to create more than 4,000 new jobs in Lancashire over the coming years. "This is great news for residents and businesses in Lancashire. As the Chair of the LEP, I look forward to working with local partners and Government to deliver our ambitious plans to grow Lancashire's economy."