£174m investment deal agreed for Derbyshire and Nottinghamshire

£174.4 million is to be invested in Derbyshire and Nottinghamshire thanks to an historic Growth Deal agreed with the government by the Local Enterprise Partnership (LEP) D2N2.

£47.4million has been confirmed in the first year, and as part of the government’s on-going commitment to the D2N2 LEP it has provided an indicative award of a further £127million of funding from 2016/17 onwards.  The projects which start in 2015/16 will help to create up to 18,000 jobs, allow up to 8,000 homes to be built and generate up to £380 million in public and private investment.

In Chesterfield the funding will provide a centre for higher level skills.  The centre will mean local people can access skills and learning, either higher education or equivalent vocational qualifications, in a new building in Chesterfield.  Crucially, as part of this scheme, business owners will be able to recruit the skilled people they need to grow their firms.

George Cowcher, Chief Executive of the Chamber of Commerce for Derbyshire, Nottinghamshire and Leicestershire, said: “This is positive news and businesses will welcome the fact that, after four years of hard work to produce these proposals and negotiate with government, the money – which will make a real difference to businesses on the ground here in the East Midlands – is finally starting to materialise.

“The Growth Deal will have a positive and practical impact on the regional economy, helping to protect existing jobs and drive job creation, upskill the local labour market, transform local infrastructure and, most importantly, support private sector growth and investment at what is a crucial time for the economy.

The D2N2 Growth Deal is part of a £12 billion long-term programme to revitalise local economies. The deals are the latest and greatest example of the British economy being rebuilt from the bottom up, and sharing the benefits of the recovery around the country. Local businesses and council leaders have been invited to open discussions immediately on the next set of projects to be funded, building on the momentum that has been established.

The Prime Minister said: “Growth Deals are a crucial part of our long-term plan to secure Britain’s future.

“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 for Derbyshire and Nottinghamshire, with plans to attract new businesses to the area, help young people in the region get the skills they need to get on, and ensure the area has the workforce it needs to prosper.

“By trusting local people, backing business and investing in infrastructure, skills and housing, we can create thousands of new jobs. And that means more economic security, peace of mind and a brighter future for hardworking people across the region.”

Source:D2N2 Local Enterprise Partnership (LEP)

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