South Gloucestershire leads £500m investment boost
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The City Region Deal between the four West of England authorities and the Government, which has been led by South Gloucestershire, will unlock millions in extra income to be reinvested in economic growth and jobs in South Gloucestershire and Bath, Bristol and North Somerset.
The deal allows the four West of England authorities to keep all of the income generated from business rates growth across five Enterprise Areas and an Enterprise Zone over the next 25 years. Three of the Enterprise Areas are located in South Gloucestershire at Filton, Emersons Green and Severnside, making up approximately 50 per cent of the Deal.
South Gloucestershire Council’s three political leaders Cllr John Calway, Cllr Ruth Davis and Cllr Andy Perkins said: “This unique deal is welcome news for the economy in South Gloucestershire.
“We are already one of the fastest-growing areas in the country with well established aerospace, advanced engineering and high tech industries which will drive sustainable economic growth in our area in the future.
“As well as benefiting local people, this growth in South Gloucestershire will also benefit the wider region. South Gloucestershire’s economy makes a huge contribution to the economic growth of the West of England, and is likely to contribute 50 per cent of the business rate income to the West of England business rate pool in the future.”
With the Deal now adopted by all four West of England councils, a legal agreement will be drawn up between the councils, the Local Enterprise Partnership and the Cabinet Office before the incentive comes into operation in April 2014.
Under the governance arrangements for the Deal, decisions about where to invest the money to create new jobs and attract private sector investment in to the area will be made by the West of England Local Enterprise Partnership and local authorities.
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