News / Slider / January 30, 2014

£1.2bn Investment in Historic City Deal for Oxford

After months of strenuous lobbying in Westminster, Nicola was delighted to welcome Greg Clark MP, Cities Minister, to sign the Oxford City Deal .

At the signing of the Deal, Nicola said: ‘This City Deal is about central government, local government and local business putting differences aside and working together to invest what’s needed to create the jobs, infrastructure, skills and housing we need for our local economy to fulfil its truly extraordinary potential.’

The City Deal will:

Invest £67m in an ambitious network of new innovation and incubation centres which will nurture small businesses:
• The Harwell Innovation Hub: focused on open innovation;
• The UKAEA Culham Advanced Manufacturing Hub: focused on remote handling technologies;

• The Oxford BioEscalator: focused on the life sciences sector;
• The Begbroke Innovation Accelerator: focused on advanced engineering sectors.
• Invest in Growth Hub to help small and medium enterprises to grow through better business support – with a particular focus on supporting innovation.
• Accelerate the delivery of 7,500 homes across the county; and recognise that the provision of quality housing will be fundamental to the delivery of innovation-led growth.
• Unlock £22m central government funding for three new transport schemes to support developments at the Enterprise Zone, Northern Gateway and the first phase of the “Science Transit” public transport scheme all of which which will ease congestion on the A34;
• Create 18,600 new jobs and a further 31,400 jobs during the construction phase.
• Deliver over 500 new Apprenticeships for young people;
• Provide a total of £55m central government investment, £40m from local authorities and Lever in £600m of private sector investment through site development, transport infrastructure, skills schemes; and business support services and innovation centres.

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