The Lancashire Enterprise Partnership has secured £320 million from the Government's Local Growth Fund to support economic growth in the area through the Growth Deal.
The Lancashire Growth Deal aims to realise the growth potential of the whole of Lancashire, building on key local economic assets including the universities and colleges, the Enterprise Zone, the Preston, South Ribble and Lancashire City Deal and high-value business clusters across the county.
The deal will help to:
- create up to 11,000 jobs
- 3,900 new homes
- attract £1.2 billion of new private sector investment to Lancashire
The Growth Deal identifies four key priorities which are generally pan-Lancashire, in terms of coverage, and are rooted in maximising the area's competitive economic strengths.
The four key priorities are:
1. Releasing Growth Potential – through an essential transport improvements to motorway junctions and railway lines as well as building new roads which support job creation and enable the release of more land for homes and businesses
2. Supporting the renewal and growth of Blackpool – through a range of projects totalling over £9m which collectively aim to boost the visitor economy, improve housing standards in the private rented sector, including through a £26m loan. We are also exploring through two pilots how key services can be made more efficient and effective at supporting people back into work
3. Growing the local skills and business base - with a £10m 2015/16 skills allocation, which includes £6.2m for the development Blackpool and Fylde College facilities in preparation for a new Energy HQ which, and £400k revenue to support Lancashire’s Business Growth Hub.
4. Innovation and Manufacturing Excellence - Maximise the economic value of Lancashire's centres of research and innovation excellence and globally competitive business clusters.
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