The Black Country Local Enterprise Partnership’s Growth Deal was signed today by Greg Clark, Universities, Science and Cities Minister and Stewart Towe, Black Country LEP Chair.
The signing took place at Wolverhampton Civic Hall, which is receiving £5m from the Growth Fund towards the £19m redevelopment of the Civic Halls complex, which opened in 1938 and is one of the longest established rock and pop music venues in Europe. The Minister met representatives of the Black Country Growth Deal projects and students from the Backstage Academy being developed by the Civic Hall in partnership with Wolverhampton College.
The Black Country Growth Deal, ‘Made in the Black Country, Sold around the World’, was agreed with Government in July 2014. The Growth Deal will create the skills, connections and locations for further high value manufacturing success and support growth in the Black Country’s automotive, aerospace and construction sectors.
Over its lifetime (2015-2021) the Deal will deliver:
• £162m Government funding 2015- 2021
• Leverage an additional £312m public and private investment, totalling £450m
• At least 5,000 new jobs and 1400 new homes
• New Government investment to the Black Country of £26m in 2015-16
• Approval for 14 of the 16 projects submitted by the LEP
• 13 projects will commence in 2015-16, with provisional funding for two more projects in 2016 -17, including an Elite Centre for Manufacturing Skills.
Universities, Science and Cities Minister Greg Clark said:
"This Deal sees £162 million of government investment going into the Black Country to create thousands of new jobs, homes and bolster business.”
"By devolving powers away from Whitehall we are putting local people back into the driving seat of their own growth.”
Stewart Towe, Black Country LEP Chair said:
"This Growth Deal demonstrates confidence in the Black Country’s bright economic future. We are delighted 13 projects will commence in 2015-16, with provisional funding for two more in 2016 -17. The Deal’s is the result of the Black Country LEP’s strong partnership and an evidence based plan for growth. We look forward to the Deal's new flexibility to manage how the projects are implemented and are confident the Deal will increase our competitive capability to ensure more products are made in the Black Country and sold around the world."