New Growth Deal funding to fulfil Wolverhampton North East’s potential to be an engine of growth.
Darren has welcomed the announcement of additional funding to support businesses and infrastructure in Wolverhampton North East– helping to create jobs and support businesses.
The Black Country Local Enterprise Partnership has agreed an expansion to its Growth Deal with the Government which will see an extra £24m invested in the Black Country between 2016 and 2021. This is in addition to the £138m of funding committed by the Government on 7 July 2014. Over the lifetime of its Deal (2015- 2021) the Black Country Local Enterprise Partnership estimates that up to 5000 new jobs could be created, 1400 new homes built and that it has the potential to generate up to £310m public and private investment.
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.
Darren Henry commented:
‘This extra funding is fantastic news for people in the Wolverhampton North East Constituency which includes the wards of Bushbury North, Bushbury South and Low Hill, Fallings Park, Heath Town, Oxley, Wednesfield North, and Wednesfield South.’
‘Crucially, decisions on how this money is spent will be made by local people who are best placed to ensure it makes a real difference. Projects include an initiative to support the growth of the region’s high-value manufacturing sector include a programme to provide capital equipment to training providers to meet the needs of employers in the engineering sector.’
‘This Growth Deal is a key part of our long-term economic plan to secure a better future for local hardworking people. 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.’