The LEP has secured this important funding boost via the second phase of its Growth Deal negotiations with Government. The money will be invested over the next five years into projects including:
◾Ely Southern Bypass: Funding to support the construction of the much-needed Ely Southern Bypass – 1.7km of road that will connect the A142 to the Stuntney Causeway, relieving congestion in the city, and supporting the creation of 4,500 new jobs and 3,000 new homes.
◾Growing Places Fund: A £16.6 million boost to the LEP’s successful Growing Places Fund scheme that provides affordable loan funding to overcome key barriers to growth. This could include unlocking key residential and commercial development schemes by investing in infrastructure or buildings, as well as direct business growth programmes. The Fund aims to create up to 6,000 jobs across the LEP area.
◾Institute of Advanced Construction and a Highways & Civil Engineering Academy: A significant contribution towards the creation of a new national centre for higher level construction skills, and a local Highways & Civil Engineering centre to provide skilled labour for the many key transport schemes planned over the coming years. The Institute of Advanced Construction will be located at the CITB headquarters in Bircham Newton, near King’s Lynn, with the Highways & Civil Engineering Academy located at WATA in Huntingdonshire.
◾M11 Junction 8 upgrade: Development work to upgrade the busy M11 Junction 8 interchange located near Stansted Airport. The junction upgrade has the potential to significantly accelerate delivery of new homes and enable the development of 18 ha of business land.
Mark Reeve, Chairman of the Greater Cambridge Greater Peterborough Enterprise Partnership, explains:“We have worked hard to secure an additional £38 million of funding from Government to support the growth of our local economy by enabling 15,500 new jobs and allowing 10,000 new homes to be built.
“The Ely Southern Bypass is a long overdue scheme that will have a significant positive impact by enabling local growth and easing local congestion. The upgrading of Junction 8 of the M11 at Stansted Airport will unlock new homes and open up land for business growth. Our extended Growing Places Fund will allow us to overcome even more barriers to growth. With a number of important infrastructure schemes in the pipeline, we need to ensure that we have a steady supply of trained workers to undertake the work, which is why the Institute of Advanced Construction and Highways & Civil Engineering Academy are such important elements of our plan.”
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 across Cambridge and Peterborough, 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.”
The Deputy Prime Minister said: “A quiet revolution is underway in Cambridge, Peterborough and across the country, as Growth Deals signal the death of the culture where Whitehall calls the shots. I’ve seen for myself the difference it makes to give this region more power over skills, over business support, over infrastructure spending.
“I am delighted to announce the expansion of the Greater Cambridge and Greater Peterborough Growth Deal today.
“The Coalition Government has been relentless in our efforts to sort out the public finances and set firm foundations for growth. Growth Deals help create a stronger economy and a fairer society by boosting local economies, and providing more jobs, better transport and affordable homes.”
Growth Deal funding will be available to spend between 2015 and 2020, and will be administered by the LEP.
Cllr Edward Cearns, Vice Chair of the Economy and Environment Committee, said:“The announcement of this funding for the Ely Bypass is very welcome and an important step forward towards delivery of this complex project. The initiative is vital for the economic health of the county and a project the Council has been seeking to deliver for many years. Our focus is currently on issuing a tender to appoint the contractor who will be building the bypass but we will also starting preparation works onsite in the spring. If all goes to timetable the first vehicles, pedestrians and cyclists should be using the new road and viaduct by late 2017.”
Cllr James Palmer, Leader of East Cambridgeshire District Council, said:“The Ely Bypass is one of those projects which is simply fundamental to the future success of East Cambridgeshire. I cannot overstate the importance this road will have for local residents, businesses and for our future prosperity. The announcement today of the Government Grant funding is very important for I hope it will shorten the timescales of when we will see spades in the ground. We have waited a long time for this road to be built and I think we are all impatient for the work to begin.”
Nigel Donohue, CEO for West Anglia Training Association, said:“I am delighted that we shall be receiving funding to build a representative section of the A14 at our site in Huntingdon. It will give us the ability to train and develop the future highways graduate, trainee and apprenticeship workforce in highways development, remediation, safety and design in a realistic environment representative of major transport infrastructure projects such as the work on the A14, Ely Bypass and upgrade to J8 of the M11. Our aim is to provide contextualised learning providing a real life work experience which will help enthuse learners and secure jobs within the Region, supporting identified skills gaps and delivering sector growth”
Cllr Nick Daubney, Leader of the Borough Council of King’s Lynn & West Norfolk, said:“This is excellent news for King’s Lynn & West Norfolk. This project is of regional and national importance given the role that construction plays in the success of the national economy. It will elevate the level of construction skills and encourage construction innovation ensuring that people are trained to meet the future needs of the industry.
“This latest announcement builds on our previous success securing awards for the University Centre at the College of West Anglia and the King’s Lynn Innovation Centre. It confirms this council’s commitment to developing higher levels of skills, qualifications and innovation in order to support growth and attract business investment in West Norfolk.
“I congratulate the borough staff who have worked so constructively with CITB and the LEP to build such a constructive case for this important initiative.”
The £38 million allocation is in addition to £71.1 million already secured by the LEP from Government as a part of the Growth Deal process, bringing in well over £100 million the local area over the next five years.
Mark added: “We are proud that our LEP, working with key partners, has been able to secure the funding needed to make it happen. Our focus now is to work with Government to find ways to bring forward the funding as soon as possible.”
Find out more about the Growth Deal and associated Strategic Economic Plan.
__________________________________________________________