Deputy PM signs £62.5 million Growth Deal for Gloucestershire

Nick Clegg is visiting Gloucestershire to sign a Growth Deal and see how SPP Pumps Ltd has benefited from the Regional Growth Fund.

The Deputy Prime Minister, Nick Clegg, is today signing a historic Growth Deal for Gloucestershire bringing £62.5 million of investment to the region to support economic growth. While in Gloucestershire, Nick Clegg will also be visiting local business SPP Pumps Ltd which received an award of over £1.12 million from the government’s Regional Growth Fund to create 32 and safeguard 15 highly skilled jobs.

By 2021, the Growth Deal will help to deliver at least 5,000 jobs and will bring forward at least £80 million additional investment from local partners and the private sector. £23.6 million has been confirmed in the first year, and as part of the government’s ongoing commitment to the GFirst Local Enterprise Partnership (LEP) it has provided an indicative award of a further £38.9 million of funding from 2016 to 2017 onwards.

The government’s Regional Growth Fund award will help to fund an expansion of SPP Pumps Ltd’s research and development facilities in Coleford in Gloucestershire along with a programme of training for employees to support the development of new products. The company designs, manufactures and supplies centrifugal pumps.

The Deputy Prime Minister is today confirming other Regional Growth Fund awards in Gloucestershire. GE Aviation Systems secured a £1.25 million grant from the Regional Growth Fund to research new technologies to increase aircraft operational and emissions efficiencies at their site in Cheltenham. The project will create up to 100 high-value jobs.

The Deputy Prime Minister Nick Clegg said:

"I’m delighted to be finalising this historic deal, bringing real change across Gloucestershire. This significant Growth Deal will enable a whole host of jobs to be created, boost local business by supporting them to up skill their staff and transform transport networks. All of this is a major boost to the economy in Gloucestershire.

"Growth Deals are about local areas leading their own growth, giving more power to people in the regions so we work together to build a strong economy and a fairer society.

"It was inspiring to see first-hand the plans SPP Pumps Ltd have made to expand and grow their business. Thanks to the government’s Regional Growth Fund they’ve been able to think big and be ambitious, securing and creating jobs in Gloucestershire."

The key features of the deal are:

• a growth hub to provide a range of services to support companies with high growth potential and encourage individuals with an entrepreneurial spirit to consider self-employment, apprenticeships, and other employment routes
• the redevelopment of Berkeley power station to provide a centre of excellence in renewable energy, engineering and nuclear skills
• a package of transport projects that will accelerate economic growth across the county

The Gloucestershire Growth Deal is part of a £12 billion long-term programme to revitalise local economies. The deals are the latest and greatest example of the British economy being rebuilt from the bottom up, and sharing the benefits of the recovery around the country. Local businesses and council leaders have been invited to open discussions immediately on the next set of projects to be funded, building on the momentum that has been established.