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Bristol and the surrounding area is set to get a range of new powers after agreeing a deal under the City Deals programme announced on July 5.
The Government will devolve new responsibilities to give the city the flexibility it needs to attract private investment, close skills gaps and attract new jobs.
The Bristol City Region expects the deal to help deliver an additional 40,000 jobs and over £1 billion of investment to support local growth over the next 30 years thanks to new financial powers.
A five-part deal will be delivered by Government in return for strong local leadership and strengthened governance structures. These are:
- The growth incentive and the economic investment fund, which will allow retention of 100 per cent of growth in business rates over 25 years to invest in projects.
- Ten years of major funding allocation for the Greater Bristol Metro; flexible delivery for the Bus Rapid Transit Network which will allow savings to be recycled locally; and new powers over rail planning and delivery.
- A Public Property Board will manage up to £1 billion of city council assets and an estimated 180 land and property assets to unlock more land for economic growth or housing and to lever in additional public or private investment.
- A city growth hub with up to £2.25 million of Government funding which will provide additional support to inward investors. This will be based in the Temple Quarter Enterprise Zone and will work closely with UK Trade and Investment.
- The business community and local enterprise partnership will have more influence in skills provision in the city region, in particular the £114 million Skills Funding Agency funding for Further Education colleges for post-16 provision, to help capture employer demand.
Bristol is one of eight cities confirming their deals:
- Nottingham and
Collectively, the deals have the potential to create an estimated 175,000 jobs over the next 20 years and 37,000 new apprenticeships.
The deals remain unique to the individual cities, and cover a range of powers such as:
- investment funds
- tools to address skills gaps and
- infrastructure projects.
For more information see Wave 1 - City Deals on the Deputy Prime Minster's web site.