Staffordshire Chambers of Commerce welcomes Growth Deal investment boost…
Staffordshire Chambers of Commerce has welcomed news from Stoke-on-Trent and Staffordshire Local Enterprise Partnership’s expansion to its Growth Deal with the Government which will see an extra £15.4m invested in the region between 2016 2021.
The announcement is on top of the £82.3m committed by the Government in July – totalling £97.7m of funding in just six months.
According to estimates by the LEP, the Growth Deal could bring to Stoke-on-Trent and Staffordshire up to 1,800 jobs, 150 homes and £72, public and private sector investment.
Sara Williams, chief executive of Staffordshire Chambers of Commerce, said: “This is a real shot in the arm for Stoke-on-Trent and Staffordshire and will help the city to thrive. This new tranche of funding will help to deliver new jobs and improvements to the road network and shopping areas across the region.
“The news highlights the Government’s confidence in the region’s ability to deliver major job creating projects on time and on budget.
“This news means communities across the region can be positive about new job creation and future economics growth of their areas.”
The Stoke-on-Trent and Staffordshire Growth Deal is part of a long term plan to devolve at least £12 billion from central government to local economies. The plan aims for every part of the country to be a motor of growth for the national economy.
The additional proposed projects include the construction of new highway infrastructure to improve access to business and employment sites in Stoke City Centre, the refurbishment of London Mill in Leek for employment and housing, improvements to Rugeley Town Centre and the regeneration of Friarsgate in Lichfield, for retail and leisure.
The Growth Deal builds on significant recent investment in growth opportunities in Stoke-on-Trent and Staffordshire including:
- Growing Places Fund: £11.5m
- City Deal: £36m: The Stoke and Staffordshire City Deal will establish the UK’s first low-carbon heat network system, will take advantage of the area’s natural resources and support the world famous advanced manufacturing sectors, as well as supporting the emerging energy and renewable growth sector.
- Regional Growth Fund: Stoke-on-Trent & Staffordshire LEP area has to date received £40.7m investment from the Regional Growth Fund, and could also benefit from £27.0m invested in neighbouring LEPs.
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