We are pleased to confirm that Coast to Capital Local Enterprise Partnership (LEP) has secured a £202 million Government Growth Deal over six years that will see major investment in Coastal West Sussex (CWS). It follows the LEP’s successful submission of a Strategic Economic Plan which highlighted the areas ambitions for economic growth and the investment required to make them a reality. David Gauke MP, Exchequer Secretary to the Treasury will join Coast to Capital chairman Tim Wates and chief executive Ron Crank, to announce the news today at Gatwick Airport in front of local business leaders.
The investment programme is focused on jobs, infrastructure and transport. It starts with investment of £38m of new funding across the Coast to Capital area in 2015/16 and it will deliver 14,000 jobs, 4,600 new homes and 190,000 square metres of employment space. Investment totalling around £40 million has been committed to CWS, with £7 million allocated in 2015/16.
The investment will see improvements to Shoreham Harbour flood defences and transport works including the A29 re-alignment which will open access to and from Bognor Regis. It will also cover the previously announced enhancements on the A284 Lyminster Bypass and A259 corridor East of Littlehampton.
In addition, and subject to due diligence, Government will provide loan funding through the Local Growth Fund (Housing Infrastructure) of £1.9m to Hanbury Properties in Chichester to accelerate the delivery of 500 homes on Shopwhyke Lakes.
Coast to Capital chairman Tim Wates said: “We are pleased to sign this deal with Government as the start of the six year growth plan. We believe this area has great potential for growth and is able to compete effectively with the most prosperous regions in Europe and indeed globally. This first year investment by Government shows that they too believe in our region’s potential. The fact that we have been able to assemble such an ambitious programme with strong public and private sector commitment shows confidence in our area. We will now convert that confidence into new jobs and prosperity for our businesses, workforce and communities, working in partnership with Government and our local partners.”
Louise Goldsmith, Leader of West Sussex County Council, added: “This deal is a great example of collaboration between the public sector, businesses, universities and the wider community. It is important we share a view of how to prioritise investment in transport and infrastructure and how we can most effectively support West Sussex businesses to grow and their workforces to succeed. This is only the first year of the programme we have agreed for the Coast to Capital area but we are pleased that the Government has backed our plans.”
To find out more please visit http://www.coast2capital.org.uk/news