/ News / Growth deal heralds new era for Lancashire economy

The Lancashire Enterprise Partnership today agreed an historic Growth Deal with the Government which will see £233.9million invested in Lancashire. £84.2million 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 £149.6million 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 £140 million in public and private investment.

The key features of the deal are:

  • Releasing Growth Potential – through an essential transport improvements to motorway junctions and railway lines as well as building  new  roads which support  job creation and enable the release of more land for homes and businesses
  • Supporting the renewal and growth of Blackpool – through a range of projects totalling over £9m which collectively aim to boost the visitor economy, improve housing standards in the private rented sector, including through a £26m loan. We are also exploring through two pilots how key services can be made more efficient and effective at supporting people back into work
  • Growing the local skills and business base – with a £10m 2015/16 skills allocation, which includes £6.2m for the development Blackpool and Fylde College facilities in preparation for a new Energy HQ which, and £400k revenue to support Lancashire’s Business Growth Hub.

The Lancashire 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 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. 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 in Lancashire.”

The Deputy Prime Minister said: “The Lancashire Growth Deal will create thousands of jobs, provide incredible new training opportunities for young people, build of new homes and improve transport links across the region for people and their families; building a stronger economy and a fairer society. “We’re placing the power and money in the hands of people in Lancashire who know how to spend it best, making a real difference to local communities.”

Edwin Booth, Chair of the Lancashire Enterprise Partnership said: “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 6-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”.

County Councillor Jennifer Mein, Leader of Lancashire County Council, said: “We’re delighted that our Growth Deal will secure significant new investment to boost growth across the whole of Lancashire. It is clear that central government has confidence in our plans for future economic growth. Over the coming years, we will work hard to deliver new jobs, new homes and new business growth opportunities, which will help to re-establish Lancashire as a leading national economic centre”.

Kate Hollern, Leader of Blackburn with Darwen Council, said:“This funding announcement recognises the hard work and commitment by partners across Lancashire in their determination to work together for the benefit of the whole county. This will enhance the investment that is already in place to promote economic growth and job creation including further education and skills, better transport and new homes.”

Simon Blackburn, Leader of the Blackpool Council, said: Today’s Growth Deal announcement signals Government’s commitment to work with Lancashire Enterprise Partnership and Blackpool Council to develop a long-term renewal strategy for Blackpool. We have worked enormously hard in recent years to improve the prospects of residents and businesses in Blackpool. The new housing, skills, investment and energy sector initiatives announced today will provide a huge boost to our ability to deliver radical change. I am very grateful to ministers and civil servants for the faith they have demonstrated in Blackpool”.

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