Government and D2N2 – the Local Enterprise Partnership for Derbyshire and Nottinghamshire – today agreed an investment package to accelerate economic growth across Derby, Derbyshire, Nottingham and Nottinghamshire in the form of an expanded Growth Deal.
This brings total funding to a staggering £196.2m being awarded from the Government’s Local Growth Fund over six years
Following a review on local economic growth by Lord Heseltine, the Government created a £12 billion ‘Local Growth Fund’, with £2billion being distributed in the first year (2015-2016). All 39 Local Enterprise Partnerships across the UK bid for a share of the fund, by developing plans to showcase how they would deliver growth.
Lord Heseltine said:
“The first round of Growth Deals proved that this model can work well, and this further set of deals demonstrates the Government’s commitment to driving growth. The work that this Government is doing through these deals represents the most bottom-up approach to growth that I have seen in my life time, and the opportunity that it offers to local areas to drive their own agenda is huge.”
Through its Strategic Economic Plan, D2N2, the UK’s Most Inspirational Postcode, set out a clear and compelling ambition to rebalance the local economy through delivering 55,000 private sector jobs, a step change in skills and innovation-led business growth by 2023.
That business case was submitted at the end of March 2013 and after a period of negotiation, the Government announced a Growth Deal in July of 2014 which supported D2N2’s key priorities and built on the area’s strengths by investing in major innovations in key sectors, moving the D2N2 Local Enterprise Partnership from planning to action to deliver this ambition.
This has been followed today by further investment in the form of additional funding being committed by Government.
D2N2 and Central Government have agreed to co-invest in the following additional projects: (Government total committed funding)
Drakelow Park – New 1200 MW Combined Cycle Gas Turbine (CCGT) power station and connection to the National Grid High Pressure Transmission System. This would represent an investment of some £350 million on a site of around 12 Hectares and provide electricity for a million homes.
New settlement, representing an investment of over £130 million which will include a 12 Hectare Employment Park, two local centres encompassing retail/ leisure/community provision and 2,239 dwellings, including a retirement village.
Buxton Crescent – Refurbishment of the Grade 1 Listed Crescent and Grade 2 Listed Natural Baths and Pump Room to create a 79 bedroom 5* spa hotel, a thermal natural mineral water spa, a visitor centre, 6 shops and environmental enhancements.
A46 Employment Corridor – Unlocking three strategic employment sites (Cotgrave, Bingham and RAF Newton) along the A46 corridor with delivery from Autumn 2014 to 2016/7. The Cotgrave site includes unlocking town centre regeneration as well as new employment land on the former colliery site.
Ashbourne Airfield Access – Provision of a new access and link road to unlock development land providing an additional 300 housing and 500 jobs.
University of Nottingham Institute of Advanced Manufacturing – A revolution in provision of manufacturing research and graduate level skills in D2N2. The University is planning to create a flagship facility to provide the infrastructure to integrate its teaching, research and knowledge exchange activities in the field of Advanced Manufacturing.
Midland Mainline Market Harborough Improvements – Improving the journey time for non-stop passenger and freight train services on the Midland Main Line, through the realignment of the rail infrastructure at Market Harborough, in conjunction with Leicester and Leicestershire and Sheffield City Region LEP.
The Prime Minister said:
“Giving local communities the power and the money to unlock growth and development and make the spending decisions that work for them is a key part of our long-term economic plan to secure a brighter future for Britain and ensure a recovery for all.
“That’s what Growth Deals are all about, backing local people and investing in the infrastructure, housing and skills that will drive forward local economies, create more jobs and opportunities for hardworking people and supercharge all parts of our country.”
The Deputy Prime Minister said:
“A quiet revolution is underway in regions across the country and Growth Deals signal the death of the culture where Whitehall calls the shots. I’ve seen for myself the difference it makes to give local areas real power over skills, over business support, and over infrastructure spending.
“The Coalition Government has been relentless in our efforts to sort out the public finances and set firm foundations for growth. Growth Deals help create a stronger economy and a fairer society by boosting local economies, and providing more jobs, better transport and affordable homes.”
Greg Clark, Minister for Cities, said:
“For Britain to fulfil its potential every part of the country must be an engine of growth. Our successful programme of City Deals and Growth Deals has put power and resources into the hands of local leaders. This billion-pound expansion of Growth Deals fuels the momentum that is now underway in our local economies.”
David Ralph, Chief Executive of D2N2 Local Enterprise Partnership, said:
“Local places know their areas best and the expansion of the Growth Deals further demonstrate Government’s commitment to working with local areas and is a continuation of the changing relationship of devolved funding.
“We are continuing to develop the D2N2 economy as nationally recognised excellence in skills development and innovation in key economic sectors such as planes, trains and automobiles, life sciences and the low carbon economy. The expanded Growth Deal helps deliver that aspiration, and will help inspire our business base to work collaboratively to deliver the new jobs, in the right place, at the right scale.
Peter Richardson, Chairman of D2N2, said:
“This announcement is further evidence that the delivery of our Strategic Economic Plan has the confidence of both business and Government to accelerate economic growth across the D2N2 area.
“We are absolutely committed to positioning this area to compete in the global economy and secure our goal of helping create 55,000 private sector jobs by 2023. The £22m in our expanded Growth Deal will help secure a strong, sustainable and increasingly resilient economy in D2N2, the UK’s most inspirational postcode.”
For more information about this media release, please contact Sam Burbage, Social Media and Marketing Officer at the D2N2 LEP, on 01159 578254, or by email email@example.com.