Nottingham's City Deal and Growth Strategy Launched

Two major economic strategies for the city are now in place

Skyline

Two major economic strategies for the city are now in place with the launch of the Growth Plan and the announcement of Nottingham's £60m City Deal

The City Deal, announced in July by Secretary of State Eric Pickles, and Nottingham City Council Leader Jon Collins, will pump up to £60m into the local economy. The investment is focused on the city's flagship Creative Quarter which includes the areas of the Lace Market, Hockley, Broadmarsh East, the Island site and BioCity. Many of Nottingham's emerging growth sector businesses are already located in the area and it is where new businesses will be encouraged to locate.

The Growth Plan provides the framework within which the City Deal will be delivered and it is the city's response to a challenging economic climate. The result of collaboration between the public and private sector, the Growth Plan analyses the city economy, highlights the challenges it faces, and identifies the steps all city stakeholders must take to achieve sustainable, long-term growth for all people in the city.

In the same way that Nottingham had to respond to the decline of manufacturing in the late 20th Century, the city is now positioning itself to face new challenges. The Growth Plan outlines how the city's economy will be rebalanced around the growth sectors that will create sustainable jobs while keeping a focus on turning Nottingham back into a city that designs and makes things.

Councillor Jon Collins said "This is a significant step forward and a bold statement that Nottingham is prepared to think differently to effect change. This Deal provides a platform for the next generation of Nottingham entrepreneurs to carve out their future, create opportunity and jobs, and lead Nottingham to an exciting new future."

The City Deal includes:

A £45m Venture Capital investment fund with the potential for a further £10m. The Government is contributing up to £25m now.

  • Generation Y (youth) fund of £2m (£1m from Government and £1m from Nottingham City Council) to create opportunities for under 25s to apply for grants of up to £25,000 to set up businesses. This is designed to encourage graduates to stay in Nottingham after their studies.
  • £1m from Government to fund skills and an apprenticeship hub.
  • £2m investment from Nottingham City Council for NEET (people not in education, employment or training) reduction in Nottingham and £1.5m for the Nottingham Jobs Fund.
  • An £8m TIF (tax incremental finance bid) from the Government for transport connectivity and public realm improvements in and around the Creative Quarter.

The Growth Plan sets out a series of bold measures for removing the barriers that prevent growth and building the foundations for a strong and sustainable economic future. There are three key areas of focus which are:

• Fostering enterprise

• Developing a skilled workforce

• Building 21st Century infrastructure

For more information and to access copies of Nottingham's Growth Plan and City Deal visit:

www.nottinghamgrowthplan.com

Page last updated: 07 August 2012 1:55PM