£66m of Government cash is on its way to the Coast to Capital LEP, to fund a variety of investments designed to aid economic growth, in a welcome boost for the Gatwick Diamond economy.
The LEP has secured this significant slice of the Local Growth Fund for a number of projects, which will assist econoic growth in the Gatwick Diamond.
The major regeneration and infrastructure projects enabled by this grant should create jobs, homes and business space, and even though some of it is ouside the Diamond, its effect will still be positive on our economy.
It is in addition to the £240m of funding previously committed to the LEP by the Government.
Over the lifetime of the Deal (up until 2021) Coast to Capital estimates that up to 40,000 new jobs could be created, and 13,000 new homes built across the LEP area. They also think it could attract a further 600m in public and private investment in the region.
The £66m of additional projects to be funded under Growth Deal 3 include the access road for the proposed Horley Business Park – improving access to a new strategic employment site north of Gatwick along the M23, and a package of infrastructure works and sustainable transport schemes in Burgess Hill.
Other projects to be funded include the Sussex Bio-Innovation Centre – a new Life Science campus building at the University of Sussex – and a scheme to turn Croydon Fairfield Halls & College Green into a “vibrant cultural, creative and educational quarter”.
Tim Wates, Chair of Coast to Capital LEP, said: “The investment is a clear indication from Government that it recognises the need to continue to invest in the regeneration and infrastructure of the region to enable it to continue to prosper and remain a major contributor to the UK economy (£48.6bn GVA).”
Jonathan Sharrock, Chief Executive of Coast to Capital LEP, said: “The new projects to be funded will help to improve the daily lives and prospects of local people and, working closely with partners, we will be able to unlock the region’s potential for long-term growth by kick starting schemes which will provide the stimulus to bring forward more homes and jobs.”