Cash boost to help create local jobs and growth
Published on Thursday, 9th March 2017
Communities Secretary Sajid Javid today announced a multi-million pound investment boost for Coventry and Warwickshire Local Enterprise Partnership (CWLEP).
The CWLEP has confirmed £42.44 million has been committed by Government to invest in Coventry and Warwickshire to help create jobs, support businesses and encourage growth.
The substantial investment is the third award of Growth Deal Funding for the area, and is on top of the £89.4 million of Growth Deal already awarded to the CWLEP, making a total of £131.84 million.
The new investment could see 7,500 jobs created, 3,500 homes built and attract £240 million in extra investment over the next five years, with the funding to be spent on programmes including:
- Unlocking Growth Potential; enhancements to the transport infrastructure to provide connectivity with UK Central, and the East Midlands allowing Coventry and Warwickshire LEP to work with local partners to support the regeneration of Coventry and key towns across the area such as Nuneaton, Bedworth and Rugby. The enhancements will bring underutilised land into use, creating new business space and investment, which has the potential to create up to 3,500 jobs, and deliver space for up to 2,000 new homes.
- Growing Talent; Creation of facilities that will expand apprenticeship provision at multiple levels, targeting growth sectors within the local growth economy and thereby addressing a key barrier to business growth.
- Advanced Manufacturing and Engineering; investment in facilities to enable further R&D and facilitate the development of new innovative products and technologies within the AME sector.
“We’re very pleased to have secured £42.44 million from Government to help make key projects in the region happen. At the same time we are under no illusions about how much more still needs to be done.
“This round of Growth Deals was extremely competitive, so to secure this level of funding and a total of £131.8 million is a good result for Coventry and Warwickshire.
“We are, with our partners, stakeholders and Government, working tirelessly to unlock economic opportunities across the sub-region to stimulate economic growth and to allow the area to get close to achieving its potential.
“The Growth Deal funding will directly lead to new jobs being created, key improvements to infrastructure, as well as the enhancement of skills and knowledge to drive the local economy – all key priorities in our Strategic Economic Plan (SEP) for Coventry and Warwickshire.
“This new funding will be vital in supporting the region to build further momentum.”
Jonathan Browning, Chairman of the CWLEP
“Our plans to transform Nuneaton have received a massive stamp of approval from the Government. The investment will go a long way to improving our town for both residents and visitors.
“Nuneaton is a key economic centre and this essential investment in infrastructure will help us ensure that it reaches its full potential.”
Cllr Dennis Harvey, Leader of Nuneaton and Bedworth Borough Council
"We are very excited by the new Growth Deal money. Among other projects that will be earmarked, the funding will enable us to put in place a strategy to lever in private sector funding to regenerate Nuneaton Town Centre.
"It will help to unlock the funding that we need to create an infrastructure in and around the town that will enhance it as an area not just for residents and visitors but also in which to do business, stimulating the local economy and creating jobs for local people."
Cllr Izzi Seccombe, Leader of Warwickshire County Council
Among projects and programmes in Coventry and Warwickshire to be funded by the first two rounds of Growth Deal Funding include:
- Major investment in road infrastructure improvements, particularly the A45, A46 and A5 Corridors and rail infrastructure through improving Coventry station and development of a new railway station in Kenilworth. This has improved connections with other towns and cities and helped tackle congestion on the area’s roads.
- The construction and opening of the new Trident Centre at Warwickshire College, which has already delivered over 350 apprenticeship starts in Advanced Manufacturing & Engineering to help to meet employers’ demand for skills in this sector.
- A new Skills Centre at Coventry City College providing support for 1,000 young and unemployed people in acquiring skills for employment, and for marginalised groups to acquire basic skills especially English and mathematics.
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