New funding for growth in Exeter

The Heart of the South West Local Enterprise Partnership has agreed an expansion to its Growth Deal with the Government which will see an extra £65.2m invested in Heart of the South West between 2016 and 2021.

This is in addition to the £130.3m of funding committed by the Government on 7 July 2014. Over the lifetime of its Deal (2015-2021) the Local Enterprise Partnership estimates that up to 22,000 new jobs could be created, 11,000 new homes built and that it has the potential to generate £260m public and private investment.

The additional proposed projects include:

 Providing universal superfast broadband coverage by tackling the next 5% of premises in hard to reach, largely rural, areas.
 The creation of a collaboration centre at the heart of the Met Office Environmental Futures Campus at Exeter Science Park, linked to one of Europe’s most powerful supercomputers.
 The delivery of Phase 2 of the Exeter Science Park Centre.
 A package of transport schemes including: major improvements at Junction 25 of the M5; the creation of a new link road in Plymouth between the A38 Parkway and the major growth area at Derriford/Seaton Barracks; and a new junction at Tiverton giving access to Tiverton Eastern Urban Extension from
the A361.

The Heart of the South West Growth Deal is part of a long term plan to devolve at least £12 billion from central government to local economies. The plan aims for every part of the country to be a motor of growth for the national economy – building on the strength of the Heart of the South West.

The Prime Minister said: “Giving local communities the power and the money to unlock growth and development and make the spending decisions that work for them is a key part of our long-term economic plan to secure a brighter future for Britain and ensure a recovery for all.

“And this is happening right across Devon and Somerset, in Plymouth and Torbay, with more money announced today for key projects to boost the local economy as part of the multi-million pound expansion of the Government’s Growth Deals.

“And because the money will be in the control of a partnership of local community, business and civic leaders it means it will go on the things that really matter to people and businesses here

“That is what Growth Deals are all about, backing local people and investing in the infrastructure, housing and skills that will drive forward local economies, create more jobs and opportunities for hardworking people and supercharge all parts of our country."