New Growth Deal funding means more jobs and security for hardworking people in Coventry

Gary Ridley, Parvez Akhtar and Michelle Lowe have welcomed the announcement of additional funding to support businesses and infrastructure in Coventry – helping to create jobs and support businesses.

Coventry and Warwickshire, the Local Enterprise Partnership (LEP) for Coventry and the local area, has been allocated an additional £15.3 million. This brings Coventry and Warwickshires total allocation of Growth Deal funding to £89.4 million.

New investment in projects to bring forward key employment sites will provide further jobs for local businesses in Coventry and Warwickshire.  By devolving power and decisions from Whitehall, we are allowing the people of Coventry to be in the driving seat as the local economy powers ahead.

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.

As part of its long-term plan to build a stronger economy, across the country the Government has announced a further £1 billion of funding for Growth Deals, which comes in addition to £6 billion from the Local Growth fund announced in July last year.

Gary Ridley, the Conservative Candidate for Coventry South commented:

‘This £15.3 million of extra funding is fantastic news for local people in Coventry. Crucially, decisions on how this money is spent are being made by local people who are best placed to ensure it makes a real difference. Projects like the investment in a new R and D centre to develop new steel products that will service key sectors such as Automotive, Aerospace, Rail, Defence and Energy industries will help bring growth and prosperity to our area.

Parvez Akhtar who is standing in Coventry North West said ‘This Growth Deal is a key part of our long-term economic plan to secure a better future for the hardworking people of Coventry. 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.’

Michelle Lowe who is standing in Coventry North East, said:

‘For Britain to fulfil its potential every part of the country must be an engine of growth. Our successful programme of City Deals and Growth Deals have put local people in the driving seat as the local economy powers ahead.  This billion-pound expansion of Growth Deals fuels the momentum that is now underway in our local economies.’