Thames Valley Berkshire LEP today held an important meeting to update stakeholders and the public on its Strategic Economic Plan to invest £137m of Local Growth Funds, EU Structural Funds and Growing Places Funds to drive economic growth in the sub region. Overall the deal will create up to 17,000 jobs, 12,000 homes and leverage a further £20million in public and private investment.
The key features of the deal are:
- Delivery of an unprecedented series of major infrastructure investments in the national road and rail network serving the sub region’s economy – together worth approximately £5 billion. These include the Reading Railway Station upgrade; Great Western Electrification; New Super Express Trains for Inter-City rolling stock; Crossrail; Western Rail Access to Heathrow & Smart Motorways for M3 J2-4 and M4 J3-12. A package of road and public transport investments to improve connectivity and reduce journey times across the area
- Delivery of a new railway station at Green Park in Reading, as well as improvements at Maidenhead station.
- Delivery of Public Transport Rapid Transit schemes in Slough and Reading, and Park and Ride in East Reading.
- Delivery of National Cycle Route NCN 422 and new facilities on the A4 Maidenhead to Slough
- Delivery of “Pinch-point” funding of nearly £17m (2013-2015) for key infrastructure sites in Reading, West Berks, Wokingham, Bracknell and Maidenhead as well as at M4 J10
- Delivery of 12,000 new homes and access roads in Newbury, Wokingham and Bracknell
- Delivery of Superfast Broadband within the sub region – 95% coverage by 2017
- Delivery, with partners, of the Thames Valley Science Park
- Delivery of three new ‘Solutions Labs’, which will equip our young people with Science, Technology, Engineering and Maths skills needed to support our tech-focused business base and the new Thames Valley Science Park. It will also bring businesses, FE Colleges and students together to shape curricula so that they are aligned with the needs of tech-based businesses
- Delivery of a Thames Valley Berkshire Business Growth Hub, which has already engaged with 115 businesses and committed grants of £340k to 19 businesses, as well as a Funding Escalator of £7.3m consisting of commercialisation & expansion loan schemes – already c.£2m of funding approved across 30 companies
The Thames Valley Berkshire Growth Deal is part of a £12 billion long-term programme to revitalise local economies. The deals are the latest example of the British economy being locally built and delivered.
Steve Lamb, Chairman, Thames Valley Berkshire LEP Ltd said: “£137million is a big figure – and this money is now allowing us to implement the first stages of our Strategic Economic Plan and make things happen in Thames Valley Berkshire – the funding is unlocking several key schemes across our sub region. This will enable the LEP and its partners to improve connectivity across its towns, reduce congestion, unlock private sector investment essential to economic growth and support the building of over 12,000 new homes”.
Nick Carter, Director, Thames Valley Berkshire LEP Ltd said: "With 83% of the LEP's transport projects now being funded we are now starting to commence the majority of the sub regional transport projects that will impact directly on the economic growth and development of the Thames Valley Berkshire sub region. Specifically, these include road projects planned for 2015-2016 such as the Warfield Link Road in Bracknell; the London Road Industrial Estate in Newbury; the Bracknell/Coral Reef and the Slough Mass Rapid Transit projects."
Stephen Aldridge, Director DCLG and Senior Whitehall Sponsor said: “It is impressive to see the speed in which the monies allocated to Thames Valley Berkshire LEP are being deployed within the sub region of Berkshire. These projects will make a material impact on the lives of people in the area and I look forward to working with Thames Valley LEP as these major projects – and others coming down the pipeline – come to fruition.”
Please click on the images below to download the presentations: