Member Article

UK's largest Growth Deal of £1 billion signed in Leeds

Leeds City Region representatives have today met with the Deputy Prime Minister to sign the largest Growth Deal in the country, bringing £1 billion to the region.

LEP Chair, Roger Marsh, and West Yorkshire Combined Authority Chair, Councillor Peter Box met with the DPM to sign the deal which will support the LEP to improve local transport links, accelerate housing growth and town centre regeneration, and support growing businesses in the region.

The official Growth Deal signing commits the government to devolving £573 million to the LEP and Combined Authority from April 2015 onwards.

This funding will go towards a range of projects and programmes that will contribute towards the LEP’s overall ambition to unlock the City Region’s potential to be the growth engine for the north and rebalance the nation.

Deputy Prime Minister, Nick Clegg MP commented: ‘I’m delighted to be signing such a significant Growth Deal to Leeds City Region today. It will lead to better transport, more housing and a major boost for jobs in the region.

“Devolving power and money to the North has been something I’ve been pushing for and this Deal is the perfect example of how local people know what works. It’s all about building a stronger economy and a fairer society.

“Signing this at the Northern Futures Summit is a fitting kick-start to a day of debate and discussion about how we support the economy in the North. By 2021, this Deal will create at least 8,000 jobs and allow 1,000 homes to be built.’

Roger Marsh, Chair of the Leeds City Region Enterprise Partnership (LEP), said: “This is an historic moment for the Leeds City Region as we officially confirm transformational devolved funding for our businesses and residents.

“These new powers and pounds will create tens of thousands of new jobs and accelerate economic growth across the entire City Region.”

Cllr Peter Box, Chair of the West Yorkshire Combined Authority (WYCA) said: “Gaining the country’s largest Growth Deal, and the £1bn Transport Fund, shows the Government agrees that we have the ambition, the structure and the local expertise to deliver transformational economic growth, new jobs, more houses and a better transport network.

Leeds City Council Leader and WYCA member Cllr Keith Wakefield added: “This landmark deal is testimony to the strength of partnership between the Combined Authority and the LEP. It paves the way for us to develop the investment, infrastructure, housing, training, skills and jobs we need to improve people’s lives and for the economy of the Leeds City Region to start the process of fully realising its immense potential.”

By 2021, this Growth Deal will bring to Leeds City Region an estimated 8,000 jobs, up to 1,000 homes and at least £340 million investment in the Leeds City Region economy from public and private partners

Alongside this Growth Deal funding is a further £420 million of devolved funding for the West Yorkshire plus Transport Fund which will enable a £1bn programme of investment in the local transport network over the next 20 years, creating further new jobs and improving connectivity for local residents and businesses.

The signing of this historic deal comes as devolution of further powers and funding to the North is being discussed at the government’s Northern Futures summit, which is taking place in Leeds today.

This was posted in Bdaily's Members' News section by Clare Burnett .