The Government announced today that Northamptonshire’s economy will benefit from a further, transformative funding boost.
An additional fund of £9m under the Growth Deal, negotiated by Northamptonshire Enterprise Partnership (NEP), will bring the total fund secured to £128.5m. These funds will be invested in top priority projects in Northamptonshire, driving significant improvements in infrastructure, unlocking housing projects and building skills and jobs for local people.
Rt Hon Elizabeth Truss MP to visit Moulton College
The additional funds follow the submission of NEP’s Strategic Economic Plan to Government last year and clearly demonstrates Central Government’s recognition of Northamptonshire’s growth potential.
This afternoon (Thursday 29 January), the Rt Hon Elizabeth Truss MP, Secretary of State for Environment, Food and Rural Affairs, will visit Moulton College (Moulton Campus) which will benefit from the additional funding. She will be joined by NEP Chairman, John Markham OBE, NEP CEO, Jo Lappin, NEP Board and Food & Drink Strategy Board members and the Chief Executive and Chairman at Moulton College which will receive £3.5m to help fund its new £5m Food & Drink Technology Academy.
The academy will provide high quality technical and vocational training for an industry which employs 46,000 people and contributes over £1.5bn to the Northamptonshire economy. The facility will provide local people with the right skills to support an already thriving sector.
Funding local growth
£5.5m of the additional funds will go towards the £18m dualling of the A43 between the Moulton and Holcot/Sywell roundabouts. This will significantly improve local infrastructure and invigorate housing development with 1,500 new homes unlocked as a result.
The Growth Deal is already supporting improvements to the A43 between Round Spinney and Moulton roundabouts to facilitate delivery of the first 2,000 houses at Northampton North/Overstone Leys.
Linking skills with business
John Markham OBE, Chairman of NEP said: “I welcome this further £9m of Local Growth Funding from Government which, together with the £119.5million that NEP secured in Growth Deal Phase 1, allows us to fund two of our top priority projects - the Food and Drink Academy at Moulton College and Phase 2 of the A43 road scheme. This further investment clearly demonstrates that Government recognises Northamptonshire’s growth potential and is investing in this”.
Jo Lappin, CEO, NEP said: “This is really good news for Northamptonshire and is another major vote of confidence for our businesses, people and communities.
“Today’s announcement comes in the wake of last year’s £119.5m growth fund package. This provides further impetus to Northamptonshire’s ambition to achieve unprecedented local economic growth from £16bn to £20bn in seven years.
“The additional funds comprising Growth Deal and PWLB monies will help us build work in partnership to deliver 32,500 new jobs, 1,600 new businesses start-ups and 37,000 new homes by 2021. It will enable even further investment in an effective infrastructure and the linking of skills with businesses, making sure that Northamptonshire’s key sectors benefit from an abundant and appropriately skilled local workforce.”
Northamptonshire’s roads open for business
Cllr Jim Harker OBE, Leader of Northamptonshire County Council, said: “Government’s decision to provide £5.5m towards the £18m dualling of the A43 between the Moulton and Holcot/Sywell roundabouts is excellent news for Northamptonshire’s economy, as it will open up a number of important development areas.
“I’m sure that this news will be welcomed by local residents, who recognise that this is a real pinchpoint. This new investment together with Growth Deal Phase 1 money means that Northamptonshire’s roads really are open for business.”
High quality technical and vocational training
Stephen Davies, Principal, Moulton College, said: “I am delighted that Government is providing £3.5m of Local Growth Funding towards Moulton College’s new £5million Food and Drink Technology Academy, which will provide high quality technical and vocational training for the sector.
“The Food and Drink industry makes a significant contribution to Northamptonshire, employing 46,000 people and contributing over £1.5bn to the local economy. It is essential that we provide people with the right skills to support the sector’s growth.”
News of the additional Growth Deal funding comes just after the new Cities Outlook report from Centre for Cities ranked Northampton as one of the best places in the country for new business start-ups.
NEP will continue to work closely with partner organisations across Northamptonshire to deliver economic growth including Northamptonshire County Council, Corby, Kettering Borough Councils, South East Midlands Enterprise Partnership (SEMLEP) and the University of Northampton.
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