Dom Morris has welcomed the announcement of additional funding to support businesses and infrastructure in Exeter – helping to create jobs and support businesses.
Heart of the South West, the Local Enterprise Partnership (LEP) for Exeter and the local area, has been allocated an additional £65.2 million. This brings Heart of the South West’s total allocation of Growth Deal funding to £195.5 million.
New investment in projects such as the widening at Bridge Road, will provide further support for local businesses in Heart of the South West. By devolving power and decisions from Whitehall, we are allowing the people of Exeter to be in the driving seat as the local economy powers ahead.
Growth Deals bring together government funding for investment in infrastructure, housing, and other projects and put it in a single pot, which is placed in the hands of local authorities and businesses to invest – because they are best placed to know how to deliver local jobs and growth.
As part of its long-term plan to build a stronger economy, across the country the Government has announced a further £1 billion of funding for Growth Deals, which comes in addition to £6 billion from the Local Growth fund announced in July last year.
Dom commented: ‘This £65.2 million of extra funding is fantastic news for local people in Exeter. ‘Crucially, decisions on how this money is spent are being made by local people who are best placed to ensure it makes a real difference. Projects like the widening at Bridge Road will help bring growth and prosperity to our area.
‘This Growth Deal is a key part of our long-term economic plan to secure a better future for the hardworking people of Exeter. Its funding will help local businesses create the jobs we need so more hardworking families can have the security of a regular pay packet, and will help equip our young people with the skills they need to get on in life.’
Greg Clark MP, Business Minister, said: ‘For Britain to fulfil its potential every part of the country must be an engine of growth. ‘Our successful programme of City Deals and Growth Deals have put local people in the driving seat as the local economy powers ahead. This billion-pound expansion of Growth Deals fuels the momentum that is now underway in our local economies.’