The £12bn plan will go towards providing support for local businesses to train young people, create thousands of new jobs, build thousands of new homes and start hundreds of infrastructure projects including transport improvements.
The first £6 billion of local projects has been agreed today with the first wave of Growth Deals.
The deals will see housing, infrastructure and other funding being brought together in a single pot and put directly into the hands of local authorities and businesses to spend.
Projects beginning in 2015 to 2016 are expected to be matched by local investments worth around twice the contribution from central government.
Across the country they are expected to lead to work on more than 150 roads, 150 housing developments and 20 stations, as well as:
Some of the major projects that will be built as a result of these deals include:
- £18m to revamp the Metrolink transport system in Manchester, which will include 12 new trams, revamped stations and improved bus services. This is part of a £50 million transport package in Greater Manchester
- £23 million for a new road tunnel linking Swindon to nearby Wichelstowe, creating thousands of jobs and opening up a new site for thousands of homes
- funding for Birmingham to help the city make the most of HS2 – including improving connection to the Birmingham Curzon Street station so that the area can maximise the benefits in terms of investment, jobs and skills
Prime Minister David Cameron said: “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 cities, towns and counties so they can become powerhouses.
“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 country.”
Click here to view a map showing local enterprise partnerships across England.