Deputy Prime Minister Nick Clegg announces £1 million City Deal boost for Cambridgeshire
15:14 03 April 2014
Up to £1 billion will be spent to transform Cambridge and the surrounding area in to the UK’s Silicon Valley.
The Greater Cambridge City Deal, which was announced by Deputy Prime Minister Nick Clegg, is expected to unlock £1billion of investment in transport and housing.
The City Deal will support high tech firms and research facilities and boost links between the universities and the science and business parks.
It will create new teams to help increase apprenticeships by acting as brokers between training providers and businesses, as well as supporting the guidance that is given in schools and colleges to encourage young people to take up vocational careers.
The Government is giving Cambridge £100 million to invest in infrastructure over the next five years.
If Cambridge is successful in using this to drive growth in the area, the Government will invest up to £500billion more to sustain it.
The Government’s investment will be matched by Greater Cambridge, who will put in £500 million of their own money.
Mr Clegg said: “Cambridge is a key engine of growth which is known across the globe for its world class university and innovative business parks.
“This £1 billion City Deal will build on your success to create more jobs for local people and help them gain the skills they need to find work.
“It will also improve your roads and rail links to encourage more investment to the area and build more homes for families across the region.
“It builds the foundations for long term growth in Cambridge for this generation and the next, building a stronger economy and doing it fairly.”