Today the Deputy Prime Minister, Nick Clegg, with Minister for Cities, Greg Clark, have announced a £4m investment into the Greater Norwich area. Of the 19,000 jobs expected to be created, 2,000 will arise in Norwich International Airport, 6,000 in construction and 3,000 ‘high value’ jobs at Norwich Research Park.
The successful bid made by the Greater Norwich Development Partnership (GNDP) was a joint bid committee made up of New Anglia Local Enterprise Partnership, Norfolk County Council, Norwich City Council, South Norfolk Council and Broadland District Council. The deal is also expected to support 300 new businesses securing £100m of private investment, as well as 3,000 new homes built as part of the predicted £2.3bn private sector investment in housing.
Her Majesty’s Treasury also approved the request by the GNDP to borrow £43m from the Public Works Loan Board (PWLB), in addition to the £37m already agreed in 2012 to go towards growth in infrastructure. The PWLB gives loans to local authorities across the country at a specially discounted rate.
There is a special focus on helping Norwich and the Norwich Research Park to develop into a world leader in science, technology and manufacturing, with private investment utilising Norwich’s already developing high-tech industry to drive economic growth.
Brenda Arthur, leader of Norwich City Council and chair of the GNDP said: “Greater Norwich has all the ingredients it needs to make a major contribution to the UK’s growth over the coming years. I am so proud that the partners’ successful collaboration in securing this City Deal will help the area fulfil its potential and pave the way for a bright and prosperous future.”
The funding comes as part of a national wave of city deals to devolve central Government powers in exchange for responsibility, giving more cities the opportunity to stimulate their own growth.
Nick Clegg stated that it was part of the Coalition Government “giving cities the freedom, powers and tools to be really innovative and design whole new ways to build a stronger economy and fairer society. Today’s announcement is great news for Norwich and the surrounding area, which is a key engine of growth for Britain and one of the fastest growing parts of the country.”