What is City Deal?
England's cities and their surrounding areas are home to 74% of its population and 78% of its jobs, so they're vital to the long-term growth and economic success of the country. City Deal status was introduced by the Government as a way of targeting economic growth in a number of key cities across the country.
The Preston, South Ribble and Lancashire City Deal was the first of 20 second wave City Deals to be agreed and was signed in September 2013. The Lancashire Enterprise Partnership, Lancashire County Council, Preston City Council, South Ribble Borough Council and the Homes and Communities Agency are working together to deliver this once in a lifetime opportunity for the area.
New investment of £434 million will expand transport infrastructure in Preston and South Ribble at an unprecedented rate, driving the creation of some 20,000 new jobs and generating the development of more than 17,000 new homes over the next ten years.
In addition, the public sector funding is expected to leverage a further £2.3 billion of commercial investment into housing and employment sites.
The City Deal will also see the launch of a new £100m investment fund, created by Lancashire County Pension Fund.
This means investments managed on behalf of local government pension schemes will be made in commercial projects in the City Deal area, representing a powerful incentive for commercial developers to deliver housing and other wealth-creating schemes.
Infrastructure Delivery Plan
Take a look at the Infrastructure Delivery Plan 2016 - 2019 (PDF) to find out what will be delivered and when over the next three years.